Pil­bara Min­er­als ex­tends lithium area

Pilbara News - - News - Sean Smith

Pil­bara Min­er­als has widened its foot­print with a deal to take con­trol of what it de­scribes as one of WA’s best lithium ex­plo­ration projects.

Un­der a farm-in and joint ven­ture agree­ment an­nounced with At­las Iron, Pil­bara Min­er­als will ac­quire up to 80 per cent of the Mt Fran­cisco lithium-tan­ta­lum project, 50km south-west from its flag­ship Pil­gan­goora project in the Pil­bara.

“With the ad­di­tion of Mt Fran­cisco . . . we be­lieve Pil­bara now has own­er­ship of the two best lithium ex­plo­ration as­sets in the world-class Pil­gan­goora dis­trict,” Pil­bara Min­er­als chief ex­ec­u­tive Ken Brins­den said.

Un­der the agree­ment, which was an­nounced last week with the foun­da­tions of a deal to share in­fra­struc­ture with At­las, Pil­bara Min­er­als will take an ini­tial 51 per cent of Mt Fran­cisco for a pay­ment of $2.3 mil­lion in cash or shares.

That would rise to 70 per cent by Pil­bara Min­er­als spend­ing $1 mil­lion on ex­plo­ration in the first year.

It would then be able to earn an ad­di­tional 10 per cent of Mt Fran­cisco on com­ple­tion of a de­fin­i­tive fea­si­bil­ity study and a de­ci­sion to mine.

Ad­di­tion­ally, Pil­bara Min­er­als said it had struck a non­bind­ing mem­o­ran­dum of un­der­stand­ing un­der which At­las would pro­vide ac­cess, pro­cess­ing, bulk han­dling and haulage ser­vices to Pil­bara Min­er­als for Pil­gan­goora.

Pic­ture: Pil­bara Min­er­als

Drilling at Pil­bara Min­er­als' Pil­gan­goora lithium-tan­ta­lum project near Port Hed­land.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.