RE: GGP10 Oct 2018 15:25
The below deal is the sort of thing Greatland DON'T want, EVER !
The three-phase earn-in agreement will allow Newmont to earn up to 75% interest in the project by spending at least $30 million over 12 years, completing a feasibility study and making cash payments to Orosur of $4 million over the first two phases.
The first phase allows Newmont to earn a 51% interest by spending $10 million over four years and paying Orosur $2 million.
In the second four-year phase, it will earn another 14% interest in Anzá by funding $20 million, completing a compliant pre-feasibility study and paying Orosur $2 million.
Newmont can elect to earn an additional 10% ownership during the third and final four year period by finishing a feasibility study.
If, after the 12 years, Orosur elects for Newmont to solely fund all expenditure until commercial production starts, Newmont's ownership will increase to 80%.