(Alliance News) - Xtract Resources PLC on Thursday said it has agreed to buy dump material in the Zambian Copperbelt region for a total of USD300,000.
The Australia and Zambia-focused mining company said it intends to conduct trial work testing and evaluation of the material, and will fund the purchase through its existing cash resources.
The purchase price is equal to USD1.15 per tonne.
The material will be sourced from the unnamed seller's sites in Zambia and will be removed from the site by Xtract.
The seller will remain liable for and pay any statutory royalties or any other duties or charges due to the relevant authorities in relation to the sale of the material.
"There are numerous dump opportunities arising in Zambia from previous copper mining operations, both big and small," said Chair Colin Bird.
"The company has a number of potential opportunities to potentially process dump materials and this agreement will enable Xtract to determine grade, quantity and treatability prior to any further acquisitions of material depending on technical and commercial fundamentals."
Shares in Xtract Resources were down 3.6% at 0.53 pence in London on Thursday afternoon.
By Emily Parsons, Alliance News reporter
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