A controversy has been raging over on the Lynas thread concerning the sale of the Crown area (formerly owned by Anaconda and part of the Mt Weld area) to another Nich Curtis company for prospect of the Huge Niobium, phosphate, tantalum etc reserves.
There was an agreement made when Anaconda sold off Mt weld to Lynas.
can anyone enlighten us as to whether the agreement still stands regarding minerals other than Rare Earths on the Lynas Mt weld area. Does MRE still have the option. Attached an extract from the agreement.
"1. TANTALUM JOINT VENTURE
Anaconda may earn participating interests in all tantalum within the Mt Weld Mining Tenements by completing drilling, metallurgical testwork and a scoping study to the value of $500,000 to earn an interest of 49%, a pre-feasibility to the value of a further $1,000,000 to earn a further participating interest of 31% and a definitive feasibility for the mining and processing minerals for the extraction and production of tantalum to earn a further participating of 10%, subject to the right of Lynas to retain 1 contributing participating interest of 20% in the Tantalum Joint Venture by reimbursing Anaconda for 20% of the costs of the definitive feasibility study.
Niobium will be included with tantalum in the Tantalum Joint Venture where niobium is contained in minerals with tantalum if the extraction and production of both tantalum (Ta) and niobium (Nb) are technically and commercially feasible.
2. OTHER METALS
In addition to the rights under the Tantalum Joint Venture, Anaconda will have the sole right to mine and extract all other metals within the Mt Weld Mining Tenements, upon execution of the Mt Weld Projects Agreement following completion of the acquisition of the Mt Weld Companies by Lynas.
Other metals reported with elevated values in mineralisation identified within the Mt Weld Mining Tenements include titanium, strontium, vanadium, and aluminium.
Lynas will retain the solo rights to mine and extract all rare earth minerals within the Mt Weld Tenements, other than rare earth minerals produced as a by-product of mining and processing of minerals for the extraction and production of other metals."
And who owns Anaconda now - MRE.
http://www.delisted.com.au/Company/5439
MRE Price at posting:
82.0¢ Sentiment: None Disclosure: Held
