News blog
Stratex International
- BY: Andrew Hore |
- POSTED: 03/02/2010 |
Gold miner Stratex International has finalised its joint venture agreement with Turkish construction and mining company NTF Insaat Ticaret Ltd.
This was originally expected in the third quarter of 2009 but it has taken longer than thought to finalise. There is still a period of formal due diligence and the approval of the Turkish authorities is required. NTF will pay Stratex $1m when the deal is closed.
The agreement covers the Inlice and Altintepe gold projects. NTF will earn up to 55% of the company owning these projects. NTF will spend up to $2m on a feasibility study for Inlice and $500,000 on scoping studies at Altintepe. NTF will spend a further $2m on feasibility studies for Altintepe. If it decides not to finance the feasibility studies then the Altintepe project will return to Stratex’s ownership.
Once NTF has invested this cash, Stratex has the choice to contribute or have its stake diluted further.
Production is expected to start at Inlice in the second half of 2011, while Altintepe could start producing gold in three years time.
At 3.75p a share, Stratex is valued at £10.8m.
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