South Boulder Mines: Azure Capital to assess possible Colluli JV with
Eritrean Government
28/03/2012
<
http://www.proactiveinvestors.com/companies/overview/1154/South+Boulder+Min
es> South Boulder Mines (
<
http://www.proactiveinvestors.com.au/companies/sponsors_landing/1142/south-
boulder-mines-1142.html> ASX: STB) has appointed Azure Capital as corporate
advisor to assist with the evaluation of a potential joint venture with the
Eritrean Government on the Colluli Potash Project.
The government has requested that
<
http://www.proactiveinvestors.com/companies/overview/1154/South+Boulder+Min
es> South Boulder Mines submit a proposal to begin discussions regarding the
Eritrean National Mining Corporation's (ENAMCO) intention to acquire up to a
30% paid participating interest in Colluli.
This is in addition to ENAMCO's existing 10% interest, which is to be
carried 3.3% by ENAMCO and 6.7% by South Boulder.
Earlier in 2012 South Boulder was looking to assess potential financial,
offtake and development partners for the Colluli Project.
Consideration for the interest has not yet been given, however the
government has the right to purchase a 30% stake in the project at fair
value following completion of the Bankable Feasibility Study.
South Boulder is now progressing a Definitive Feasibility Study at Colluli,
based on initial production of 1 million tonnes per annum. The Definitive
Feasibility Study is on track for completion in 2013, followed by production
in 2016.
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Received on Wed Mar 28 2012 - 11:29:09 EDT
