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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (44714)	10/7/2009 10:42:56 PM
From: LoneClone	Read Replies (1) \| Respond to of 197061

IGC, Nkwe sign formal agreement for A$60m Tubatse deal miningweekly.com By: Esmarie Swanepoel 7th October 2009 JOHANNESBURG (miningweekly.com) – ASX-listed International Goldfields (IGC) has signed a formal asset sale agreement with fellow listed junior Nkwe Platinum to sell its 15% stake in South Africa’s Tubatse project for A$60-million. The companies announced in June that Nkwe would acquire the stake, which will boost its interest in the Tubatse project to 74%. IGE and Nkwe had an option agreement in place since late 2008, that enabled Nkwe to negotiate on an exclusive basis to acquire IGC stake’s stake in the three farms that made up the Tubatse project. Under the terms of the formal asset sale agreement, Nkwe would make a A$9-million payment within five days of IGC shareholders approving the transaction, as well as a A$1-million deposit, which would be refunded if shareholder approval was not obtained. The remaining payment of A$50-million should be made when a mining licence was granted for the Tubatse project, or diversified miner Xstrata exercised its option with Nkwe to acquire a 50% stake in the project. Nkwe holds a joint-venture option agreement with Xstrata to jointly develop the Tubatse-Garatau project, with the bigger company having an option to fund the development of two mines and a concentrator, with a stated goal of producing one-million ounces of PGMs a year. The Tubatse project currently had a joint ore reserve committee complaint resource of about 45-million ounces of three platinum elements, and gold. Meanwhile, IGC said that it would use the funds from the Tubatse deal to finalise negotiations for the acquisition of a 50% stake in a prospective, multibillion barrel oil fields, in Kazakhstan.