AUSTPAC RESOURCES NL 2002-09-19 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++
Austpac Resources NL and Ticor Limited have signed a non-exclusive
Technology Licence and Permitted Project Exploitation Agreement to
replace the July 2000 agreement for the exclusive worldwide use of
the ERMS/EARS synthetic rutile process (the ERMS SR Process).
Austpac is now free to use its technology with other parties and so
has initiated discussions with a view to developing an ERMS SR plant
with an annual capacity of around 30,000 tpa. A plant of this size
will establish the market for high grade synthetic rutile, and
demonstrate the technology at a commercial scale, thereby
underpinning the financing of a large scale project of at least
100,000 tpa capacity.
The new technology licence with Ticor covers "permitted projects",
which are defined as new projects that may be initiated in the future
by Ticor. In return for the licence to use the technology, Ticor will
fund all project expenditure until the completion of a bankable
feasibility study on each permitted project. At the time that Ticor
commits to development of a permitted project, Austpac will be
offered a 10% carried interest and the option to contribute to a
further 20% interest in Ticor's share of the project. This will give
the Company the opportunity to participate in any of Ticor's future
synthetic rutile projects that use the ERMS SR process.
A second agreement has also been signed with Ticor to cover the
ongoing Austpac-Ticor relationship in the AusRutile Project in
Orissa, India. The AusRutile Project is being progressed through a
joint venture between Austpac, Ticor and the Indian Government's
mineral sands arm, Indian Rare Earths Limited (IRE).
Over the past two years the Austpac-Ticor Joint Venture has spent
more than $2.5 million on pilot plant test programs, engineering
feasibility and assessment work on the AusRutile Project. Under the
new agreement Austpac will not be liable to repay Ticor for past
expenditure on the AusRutile Project, and Ticor will fund all ongoing
expenditure. In the event that a decision is made to proceed with
project construction, Austpac will retain a 7.4% carried interest and
have the option to contribute to an additional 14.8% interest in the
AusRutile Project.
Austpac looks forward to continued involvement in the AusRutile
Project with Ticor and IRE. A new agreement between the parties is
proposed to cover a feasibility study and possible development of a
100,000 tpa synthetic rutile plant at Chatrapur.
For further information please contact:
M J Turbott
MANAGING DIRECTOR
Austpac Resources NL
Tel: (61-2) 9221-3211
- Forums
- ASX - By Stock
- APG
- Ticor Agreement Changed and Renewed - TEXT
Ticor Agreement Changed and Renewed - TEXT
Featured News
Add APG (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
LU7
LITHIUM UNIVERSE LIMITED
Alex Hanly, CEO
Alex Hanly
CEO
SPONSORED BY The Market Online