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Tertiary Minerals PLC - Macclesfield, England-based mineral exploration & development company - Says its 96% owned Zambian subsidiary, Tertiary Minerals Ltd, has signed a joint venture agreement with Mwashia Resources Ltd. Says the JV deal will "govern their future relationship" for the Jacks copper project exploration licence in Zambia.
Tertiary Minerals said the JV Agreement provides that a new Zambian company, known as Newco, will be formed to be owned 90% by TMZ and 10% by Mwashia to own and operate the Jacks project. Says Mwashia will then transfer the Jacks licence to Newco. TMZ will fund Newco, and will hold an option to buy Mwashia's 10% interest for the amount of $3.5 million. TMZ will now pay Mwashia $30,000 as required by the option agreement, signed on August 2 last year.
Executive Chair Patrick Cheetham says: "Since signing the option agreement, we have worked closely with Mwashia as our local partner. Mwashia has been instrumental in the tribal and stakeholder engagement process that has allowed for the smooth running of our drilling programme at Jacks earlier this year and more recently for the soil sampling programme where we expect to release provisional results shortly."
Current stock price: 0.26 pence, up 14% on Friday afternoon in London
12-month change: up 12%
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