Australia's largest stock trading and investment forum Australia's #1 stock forum

AVQ

0.00%

2.5¢ axiom mining limited

unsecured loan that can be paid back in cash or shares at axioms...

First 2 Last

Share
Profile

Follow
Dave1479

5,616 Posts.

120

30/12/14

09:54

Post #: 14517193
Share

Originally posted by invest4it ↑

Axiom Mining Limited (“Axiom” or “the Company”) has entered into a strategic partnership with Anitua Limited (“Anitua”) for the Isabel Nickel Project in Solomon Islands.

Under the agreement:

(i) Anitua has provided Axiom with an unsecured loan of AU$5m, which is repayable either in cash or in fully paid ordinary shares in Axiom at $0.02 per share, at the sole discretion of Axiom by no later than 7 July 2015 (ii) Axiom and Anitua have agreed to negotiate arms' length commercial terms for a range of services to be provided by Anitua to advance the development of the Isabel Nickel Project. The services may include exploration drilling, construction, camp management and contract mining.

Anitua is one of Papua New Guinea's most successful companies, a highly experienced exploration and mining services contractor in the Pacific region with clients including ExxonMobil, InterOil, Newcrest (Lihir Gold) and Ramu NiCo.

Axiom CEO Mr Ryan Mount said, “This partnership is a strong endorsement of Axiom's strategy to develop the nickel resources of Solomon Islands in a respectful and culturally sensitive manner.

“It gives Axiom immediate access to funds to achieve project milestones, while Anitua gets the opportunity to provide the Isabel Nickel Project with contract mining services at market rates.

“There is a natural synergy between Axiom and Anitua—both companies are experienced in working with local communities in the Pacific, with a focus on collaboration and capacity building to ensure successful long-term operations.”

Anitua's CEO Mr Colin Vale said, “We are delighted to be part of the landmark Isabel Nickel Project.

“The potential size of the deposit, Axiom's ability to deliver on milestones and their collaborative approach with stakeholders have given Anitua the confidence to offer our services and provide capital for development of the project.”

Axiom's title to the Isabel nickel deposit was recently upheld by the High Court of the Solomon Islands1

and Axiom is undertaking drilling and evaluation with the aim of moving to production by late 2015.

About The Anitua Group

The Anitua Group (“Anitua”) was founded by a small group of entrepreneurial Lihirian landowners in 1989. Anitua employs over 1500 people on Lihir Island, with another 2000 people employed throughout PNG.

ASX Announcement 30 December 201

Expand

unsecured loan that can be paid back in cash or shares at axioms discretion

AVQ Price at posting: 1.5¢ Sentiment: Hold Disclosure: Held
4 Upvote

0 Great analysis

Reply

Top Stories

PIQ

Proteomics ends deal with Sonic Healthcare for US commercialisation of kidney disease test

MAY

HotCopper users liking Melbana Energy's news it's becoming an oil producer; shares jump +47%

LU7

Lithium Universe 'dream team' ready to step into the demand-supply breach in Canada

S&P 500 futures dip during non-deciding Trump-Harris Debate; bullish for energy

REA

UK-based Rightmove knocks back REA Group's acquisition proposal

There are more pages in this discussion • 11 more messages in this thread...

First 2 Last

Add AVQ (ASX) to my watchlist

unsecured loan that can be paid back in cash or shares at axioms...

Top Stories

Proteomics ends deal with Sonic Healthcare for US commercialisation of kidney disease test

HotCopper users liking Melbana Energy's news it's becoming an oil producer; shares jump +47%

Lithium Universe 'dream team' ready to step into the demand-supply breach in Canada

S&P 500 futures dip during non-deciding Trump-Harris Debate; bullish for energy

UK-based Rightmove knocks back REA Group's acquisition proposal

Featured News