25th Aug 2016 14:13
LONDON (Alliance News) - Shares in Alexander Mining PLC jumped Thursday after it said it had agreed a leaching technology licence deal with Accudo Metals Pty Ltd for projects in Australia.
Alexander's subsidiary MetaLeach Ltd has granted Accudo an exclusive licence for up to five projects in Australia using its leaching technologies. Under this agreement Alexander will receive a royalty of 3.5% for product produced using the technologies.
Additionally, Accudo will pay process payments for each project. This includes AUD250,000 on the completion of a definitive feasibility study that establishes the use of the technologies in processing operations, AUD250,000 within seven days of the first commercial sale and shipment of products from a plant using the technologies, and AUD250,000 three months after this first sale.
"We are delighted to have signed this agreement with Accudo which is well financed and intent upon rigorously evaluating the use of Alexander's Leaching Technologies in Australia. We have been in detailed discussion with them about a range of identified potential projects of interest and we look forward to developments with optimism," said Chief Executive Officer Martin Rosser.
Shares in Alexander were up 49% at 0.160 pence Thursday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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