Explorex Resources scraps plans to buy battery metals project in Finland
Canadian junior Explorex Resources (CSE:EX) (OTC:EXPXF) has placed its plans to buy the Hautalampi cobalt, nickel and copper project in eastern Finland on the back burner because it won’t be able to secure the required funding in advance.
The Vancouver-based miner, which in November said it intended to acquire the Finish asset, was supposed to pay the project’s owner, FinnCobalt, around $1.9 million in cash plus a $3 million value in shares of the company over a four-year staged period.
Explorex would have also have had to to spend $3 million in exploration before the second year. In addition, upon completion of the earn-in, FinnCobalt — made up of three private Finnish firms: Alandra Oy, Kiviralli Oy and Tetra Ekberg Oy — would have received a 1.5% net metals royalty. Once commercial production was declared at Hautalampi, the vendor would have received shares worth $1.5 million.
Explorex said it didn’t foresee sourcing adequate funds to move forward in a prudent manner in the immediate term. However, it noted it was open to proceed advancing the project on a non-exclusive basis.
“We recognize the merits of Hautalampi and will continue to pursue avenues to support the acquisition,” chief executive Gary Schellenber said in the statement.
The Hautalampi project was the focus for pre-production development in the mid-1980s and has seen extensive engineering that supported a feasibility study in 2009.
Currently, Explorex is focused on Kagoot Brook, a cobalt-manganese base metal project located in New Brunswick, Atlantic Canada. The junior also has a 100% interest in the early stage Handlebar cobalt-copper-nickel project northeast of Kamloops, British Columbia and is actively sourcing additional assets to increase its property portfolio.
source: MINING.COM
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
India’s record gold import said to be due to calculation error
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
