(Alliance News) - Empire Metals Ltd on Wednesday said it had renegotiated the terms of one of its joint ventures.
The London-based exploration and resource development company is primarily focused on its portfolio of Australian projects including its Pitfield titanium joint venture with Century Minerals Pty Ltd.
Under the terms of the original agreement, Empire retained 100% of rights to mineral sands while the joint venture possessed 100% of rights to all bedrock mineral deposits.
These terms were revised to ensure there are no exemptions or separate rights, leaving Empire entitled to 70% of all minerals present at the site.
The amendments came at a cost of GBP129,000 which Empire was able to fund using exiting cash reserves.
Managing Director Shaun Bunn said: "I am extremely pleased that, in collaboration with Century, all minerals discovered at Pitfield will be owned by the JV in which Empire, as the 70% majority owner, acts as manager and operator."
"This not only simplifies the ownership structure it also removes any perceived ambiguity in relation to distinguishing the difference between bedrock hosted titanium minerals and surface mineral sands."
Empire Metals shares were up 5.5% to 7.91 pence each in London on Wednesday morning.
By Elijah Dale, Alliance News reporter
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Empire Metals (EEE)