Don't think so. Barra AXA 30-04-2020 reads
With access to mills in the Eastern Goldfields becoming increasing scarce,
the ability to utilise FMR’s 100% owned nearby Greenfields Mill is
considered a significant opportunity to monetise ore from Burbanks at
current gold price highs.
The key terms of the agreement are as follows:
• The agreement initially considers mining the Burbanks North
deposit to a depth of up to 35m and the Main Lode South deposit
to a depth of up to 75m depth (“Initial Licence Areas”).
• FMR will be responsible for funding the grade control drilling in the
Initial Licence Area as an allowable deduction from future profits.
• If FMR elect to proceed with mining in the Initial Licence Area, they
then carry all mining and financial risks.
• Processing is to be conducted at FMR’s nearby Greenfields mill.
• The first $8 million dollars in net profits from the Initial Licence Area
is to be set aside in a “Future Fund” trust for exploration at
Burbanks at depth and along strike.
• Any additional profits to be distributed 80/20 with Barra having a
20% free carried interest.
• A Burbanks Consultation Committee will be formed with equal
representation from the parties to consider Future Fund
exploration programs and “Future Mine Plans”.
• If the Burbanks Consultation Committee recommends Future Mine
Plans, FMR may elect to proceed within 90 days.
• Within 30 days, Barra may elect to increase its interest from 20%
free carried to 50% by contributing up to 50% of the mining and
exploration costs and in turn, earn up to 50% of the revenue and
profits from Future Mine Plans.
• If FMR elect not to proceed with a Future Mine Plan, Barra may
assume 100% risk and reward and commence the Future Mine
Plan independently.
• The term of the agreement is for 3 years, with FMR also having
the option to extend for a further 3 years.
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Don't think so. Barra AXA 30-04-2020 readsWith access to mills...
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