- Mineral Resources (MIN) ENTERS an agreement to acquire an interest in the lithium rights of Marquee Resources’ (MQR) West Spargoville project in Western Australia
- MIN will be able to acquire an initial 25 per cent by funding exploration and development activities as well as completing a feasibility study on the project
- As part of the initial farm-in terms, MIN will need to spend at least $1.5 million on the project by the end of this year
- MIN will then have the option to enter a Processing Farm-in or a Mining Farm-in, which will allow it to acquire a greater interest in the project by providing additional funding
- MQR shares were trading 6.98 per cent lower at 10 cents each while MIN shares fell 1.38 per cent to $57.38 at 10:46 am AEST.
Mineral Resources (MIN) has entered an agreement to acquire an interest in the lithium rights of Marquee Resources’ (MQR) West Spargoville project in Western Australia.
The companies entered a legally binding Term Sheet, which will allow MIN to acquire an initial 25 per cent interest.
To satisfy the terms of the agreement, MIN will fund exploration and development activities, and complete a feasibility study on the project.
The initial farm-in terms will require MIN to spend at least $1.5 million on the project by the end of this year.
MIN will then have the option to enter a Processing Farm-in or a Mining Farm-in deal, which will allow it to acquire a greater interest in the project by providing additional funding.
MQR Executive Chairman Charles Thomas said he looks forward to accelerating the project.
“After much deliberation on which partner to select to help us advance the West Spargoville lithium project, I am extremely happy to announce we are partnering with one of the most innovative and leading mining service companies and one of the world’s largest lithium producers,” he said.
The agreement is subject to MIN conducting due diligence in the next four weeks.
MQR shares were trading 6.98 per cent lower at 10 cents each, while MIN shares fell 1.38 per cent to $57.38 at 10:46 am AEST.