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AUSTRALIAN miner Alliance Mineral Assets has entered into a lithium rights joint venture (JV) agreement with Lithco, a unit of Australia-listed Tawana Resources, furthering a farm-in agreement both parties signed in February.
The latest deal outlines the terms and conditions in which the JV will conduct exploration and, if warranted, mining operations of lithium rights at the Bald Hill tenements in Western Australia.
This deal will apply after Lithco has spent the expenditure commitment of A$7.5 million (S$7.9 million) that it promised in the farm-in agreement. But if both parties were to discover material-bearing lithium suited for economic exploitation, they will negotiate and execute a separate mining JV agreement.
In addition to the above, Alliance Mineral Assets said it has engaged Canaccord Genuity (Australia) to provide corporate advisory services, in the light of high interest from both capital markets and potential offtake partners to be involved in financing the development of the project.