Prairie Mining, an ASX-listed company focused on the development of coal assets in Poland, has reached agreement with Marindi Metals to sell its stake in the Newman Base Metal Project in Western Australia.
Under the terms of the agreement, Marindi must make a final payment of AUS$0.65 million to move to 100% ownership of the project. The amount will be paid in two tranches: AUS0.325 million by the end of September 2016 and AUS$0.325 million by the end of March 2017.
Prairie will retain a 2.5% net smelter return royalty over the project.
Marindi is an emerging zinc company. In addition to the Newman Base Meals Project, the company owns the Caranbirini project in the Northern Territory.
It is also an exploration joint venture partner with Teck Australia, a subsidiary of Canada’s largest diversified mining company, Teck Resources, on the Yalco zinc project, which is also in the Northern Territory.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/exploration-and-development/14092016/prairie-sells-interest-in-australian-zinc-project-2016-2421/