TAS 0.00% 0.5¢ tasman resources ltd

Worth remembering the JV agreement... Maybe we can assume now...

  1. 16,337 Posts.
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    Worth remembering the JV agreement...
    Maybe we can assume now that FMG will likely achieve the 51% beneficial interest over the Vulcan site, and is also likely to increase it to 80% over the next 8 years or perhaps earlier.
    Its anybody's guess though how much TAS might make out of this.

    Tasman Resources Ltd (“Tasman” and FMG Resources Pty Ltd, a subsidiary of Fortescue
    Metals Group Limited (ASX:FMG Fortescue ” have executed a formal Farm-in
    and Joint Venture Agreement (“Agreement” over Tasman’s wholly owned Exploration
    Licence 5499 that hosts the Vulcan iron oxide-copper-gold-uranium (“IOCGU” prospect,
    approximately 30km north of BHP’s Olympic Dam mine in South Australia

    • Fortescue may earn a 51% beneficial interest by sole funding A$4 million plus GST on
    exploration expenditure within a 3 year period.
    • Fortescue must expend a minimum of A$1 million before it can withdraw. If
    Fortescue withdraws before expending A$4 million it will earn no interest.
    • After earning a 51% interest, Fortescue may at its election, increase its Joint Venture
    interest to 80% by sole funding a further A$7 million plus GST on exploration
    expenditure within a further 5 year period. If Fortescue withdraws before expending
    the further A$7 million its interest will remain at 51%.
    • After Fortescue has ceased to sole fund the exploration expenditure, all parties must
    contribute to Joint Venture expenditure proportionally to their Joint Venture
    interests from time to time or may elect to not contribute, in which case its Joint
    Venture interest will be diluted in accordance with standard industry dilution
    provision.
    • If the interest of either party in the Joint Venture falls below 10%, the other party has
    the right to purchase all of that interest at 90% of its then fair market value.
    • Fortescue will be the manager both while earning its interest and during the Joint
    Venture.
    Last edited by whytee: 04/03/21
 
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