16th Apr 2015 09:09
LONDON (Alliance News) - Alexander Mining PLC on Thursday said it has signed a licence agreement with Ebullio Resources Fund and RCR Quantum Madencilik Ithalat Ihracat Sanayi ve Ticaret Anonim Sirketi for the Sivas Copper Project in Turkey.
Under the deal, Alexander Mining will provide a licence to RCR Quantum to use its leaching technologies on ore sourced from the Sivas project.
Alexander will be paid 25% of the net proceeds received by Ebullio from the sale of a minority stake in RCR Quantum. Ebullio will sell the stake to an unnamed third party consortium and, as part of the deal, has sold part of its stake in Alexander Mining.
Alexander will also get a cash payment of USD100,000 from RCR Quantum, plus USD100,000 for technical consultancy services, and will get a 3% royalty of gross saleable metal products produced using its leaching technology from Sivas.
"Ebullio's and Alexander's interest in Sivas goes back to a potential transaction over a year ago. We look forward to working closely together with RCR Quantum on its Sivas project, which has significant potential for the use of our Leaching Technologies," said Alexander Chief Executive Martin Rosser.
Shares in Alexander were trading flat at 0.7 pence in early trade on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Alexander Mining