(Alliance News) - Tertiary Minerals PLC on Monday said it has signed a new joint venture deal with Zambia-based Mwashia Resources Ltd that will consolidate ownership of the Jacks, Mukai and Mushima North exploration licences into a new Zambian company.
Tertiary Minerals is a mineral exploration and development company focused on energy transition metals with projects in the US and Zambia.
The new company will be 90% owned by Tertiary's Zambian subsidiary, Tertiary Minerals (Zambia) Ltd, and 10% by Mwashia.
Currently all of the licences are held by Mwashia. Tertiary holds the right to a 90% joint venture interest in the Jacks licence and options to earn a 90% joint venture interest in each of the Mukai and Mushima North licences by meeting certain expenditures and making payments of USD60,000 to Mwashia, it explained.
Tertiary Chair Patrick Cheetham said: "This joint venture agreement is a win-win for Tertiary and Mwashia and a further example of the excellent working relationship we have developed with our local partner which enabled the recent agreement with KoBold Metals on the exciting Konkola West project. This new agreement simplifies our corporate structure in Zambia, brings forward our 90% ownership holding in all three of the Licences and creates a vehicle by which the partners can better consider joint venture approaches from third parties on the licences."
Shares in Tertiary down 1.2% at 0.077 pence each in London on Monday afternoon.
By Sabrina Penty, Alliance News reporter
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Tertiary Minerals (TYM)