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Tertiary Minerals PLC - mineral exploration and development company focused on energy transition metals with projects in the US and Zambia - Alongside its local partner, Mwashia Resources Ltd, signs a largely non-binding term sheet for an earn-in and joint venture agreement with an unnamed third party. The agreement provides for the third party to earn into exploration licence 27067-HQ-LEL, the Konkola West project in Zambia. The term sheet proposes the third party will, in stage one, commit to a drill programme to be completed within 14 months of signing the agreement. Following this, the third party will earn an initial 51% interest in the licence, with the option to earn 70% in stage two by sole funding a cumulative USD6 million on exploration within 48 months of signing the agreement.
The Konkola West project comprises exploration licence 27067-HQ-LEL which covers 71.9 square kilometres and is located 18 kilometres northwest of Chingola in the Central African Copperbelt. Currently, Tertiary Minerals's 96% owned subsidiary, Tertiary Minerals (Zambia) Ltd, is in the initial stages of earning up to a 90% interest in Konkola West from Mwashia Resources.
Current stock price: 0.13 pence, up 18% in London on Monday morning
12-month change: down 19%
By Heather Rydings, Alliance News senior economics reporter
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