Brief: Ausquest Says Co And South32 Extend Strategic Alliance Agreement

AusQuest

16/11/2021 01:44

Nov 16 (Reuters) - Ausquest Ltd  AQD.AX :
    * AUSQUEST AND SOUTH32 EXTEND STRATEGIC ALLIANCE AGREEMENT
    * UNDER TERMS OF SAA, AUSQUEST RECEIVES AN ADMINISTRATION
FEE
EQUAL TO 15% OF MONIES EXPENDED ON ALL PROJECTS UNDER SAA.
    * WILL CONTINUE TO MANAGE INITIAL PROGRAMS IN CONSULTATION
WITH
SOUTH32
    * TARGETED PROJECTS INCLUDE COPPER, ZINC AND NICKEL PROJECTS
IN
AUSTRALIA AND PERU
    * UNDER AGREED JOINT VENTURE TERMS, SOUTH32 MUST CONTRIBUTE
A
TOTAL US$4.5M TO EARN A 70% JOINT VENTURE INTEREST
    * ONCE A PROJECT IS ACCEPTED BY SOUTH32 AS A DRILL-READY
OPPORTUNITY, SOUTH32 CAN ELECT TO EARN A 70% INTEREST IN PROJECT
    * UNDER AGREED JV TERMS SOUTH32 CAN EARN AN 80% INTEREST IN
EACH
PROJECT BY COMPLETING A PRE-FEASIBILITY STUDY
    * CO, SOUTH32 TO EXTEND SAA FOR FURTHER TWO YEARS

Source text for Eikon:  ID:nASX76xf6j 
Further company coverage:  AQD.AX 

 ((Reuters.Briefs@thomsonreuters.com;))