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Billiton and Equinox Resources form alliance
Billiton subsidiary Billiton Sweden Resources and Equinox Resources subsidiary Equinox ventures of Australia have signed an agreement to jointly explore for iron oxide copper-gold deposits through a joint venture called Equinox Oresearch, which will be funded by Equinox, Billiton and new investors. Current projects from Zambia (Billiton) and Sweden (Equinox) will be transferred to the joint venture. It is intended to list the joint venture on either the London or Canadian Stock Exchange within 18 months. Billiton will contribute $1m and 30% of its Zambian project to Oresearch and will receive 20% of its shares. Equinox will contribute $0.5m and 30% of its Swedish project for 60% of Oresearch. A further $2m will be raised through the sale of the remaining 20% to investors. Various options have been made available to both parties in respect of their interests in their individual projects and Oresearch.
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Billiton Subsidiary, Ingwe, names preferred bidder
Eyesizwe Mining (Pty) Ltd may become the future controlling shareholder in Newcoal according to Anglo Coal, a division of Anglo American, and Ingwe, the subsidiary of Billiton. Eyesizwe is one of three parties nominated in Sep 99 as preferred bidders for Newcoal.
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Billiton proceeds with Ravensthorpe nickel project
Billiton subsidiary QNI has decided to proceed with the development of Ravensthorpe nickel project in Western Australia, and will purchase a 40% joint venture interest in the project from Comet Resources for A$36m. This is based on a projected project value of A$90m, which comprises the construction of a mine, benificiation facility, acid pressure leach and hydroxide precipitation plant, together with associated utilities and infrastructure. Ravensthorpe will produce a nickel/cobalt hydroxide intermediate product to be shipped to Yabulu for refining. QNI will market the finished nickel and cobalt products. The joint venture will jointly fund the front-end plant and QNI will fund expansion of the Yabulu plant at an expected A$35m
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Billiton expands agreement with Corriente
Billiton has decided to expand the current option agreement with Corriente Resources Inc. The new agreement takes the form of an exploration option over an area of approximately 230kmē in Se Ecuador. Under the terms of the option, Corriente may earn 70% interests in an exploration joint venture by working towards the completion of a feasibility study. During the first two year, Corriente will issue 500 000 units, comprising one common share, and a full purchase warrant over a period of two years, of which 250 000 units will be issued on commencement, to Billiton.
At three different times (commencement of pre-feasibility study, commencement of feasibility study or completion of feasibility study), Billiton may exercise one of three alternatives:
- to re-acquire a 40% (net 70%) interest;
- to maintain its 30% interest; or
- to dilute to a 15% net profits interest.
David Lowell will manage initial exploration activities under the option agreement.
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