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Company News Summary

OZ Minerals Advises on Cloncurry Regional Alliance With Minotaur Exploration

14 May 2019  |  11:49:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: MEP: OZ Minerals and MEP form Cloncurry Regional Alliance

OZ Minerals advised that Minotaur Exploration announced signing of a binding term sheet for a strategic alliance with the Company over the Cloncurry region of northwest Qld. The Company updated that to initiate the Alliance, it will fund Minotaur's prospect research and project generation activity to A$1m over 2 years. Also, each separate project presented by Minotaur and accepted by the Company will be sole funded by the Company up to A$4m over 3 years. As reported, the Company elected to participate in a particular project which will reward Minotaur with A$300,000 for acceptance, A$1m upon determination of a positive Scoping Study and A$2m upon determination of a positive Pre-Feasibility Study.

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