It has been mentioned that we don't know what NTL have paid for Rahu to secure the 80% share from NCM.
We know NCM undertook drills in the LNY/NCM and found some targets that warranted further exploration but chose not to proceed. LNY is now undertaking this likely once the Mining Liscence comes through for Agate Creek and provides cashflow.
We know that NCM agreed to fund $5M under the NTL/NCM joint venture.
What I don't know is what if they don't spend $5M. I understand only fly overs were completed with no drilling.
Can someone who knows these matters better fill me in as to:
1) whether any balance of the agreed $5m is offset against any purchase price?
2) could it be possible that NCM needs to compensate NTL if the $5M was not spent?
It has been mentioned that we don't know what NTL have paid for...
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