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Old 08-20-2012, 03:46 AM
Sparty Sparty is offline
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Default Phosphate and Rare Earth Micro cap Krucible scores

Phosphate and Rare Earth Micro cap Krucible with a market cap of just $6m (mid-day 20/08/2012) seems to have pulled of a huge deal in relative terms.

ASX ANNOUNCEMENT
Joint Venture between Krucible and Getax
20th August 2012

As announced in the Managing Director?s Statements for Shareholders on 23rd May 2012 and 2nd July 2012, Krucible has been negotiating innovative funding models with potential joint venture partners towards mining our phosphate resources. The Board of Krucible Metals Ltd (Krucible or Company) is now pleased to announce that the Company has agreed to enter into an exclusive Joint Venture with Singapore-based Getax International Pte Ltd (Getax) and that the Company executed a binding and comprehensive Heads of Agreement with them at a closing meeting in Singapore on Friday 17th August 2012.

The deal is considered to be worth up to $43m, to be contributed by Getax and the amount of which has been the subject of current estimations of the funds required in order to take Korella through to mine development. Krucible expects that the project will generate around an estimated $720m AUD to the joint venture in gross sales revenues in phase 1 of its mining at Korella, ahead of longer term mining of other phosphate resources at Korella and nearby.

In further demonstration of confidence in our Company, Getax has agreed to take an equity stake in Krucible. Under the Heads of Agreement between the parties, Getax will acquire a 15% pre-equity interest and will also appoint a director on Krucible?s board.

Managing Director of Getax, Ashok Gupta, said, ?We selected the Krucible project as our first mining project in Australia for various reasons including the quality and principled approach of its board to negotiating long term relationships and the project?s unique attributes which form part of the key pillars to see it through mine development and to realisation.?

Chairman of Krucible, Michael Leonard said, ?We are particularly excited to be joint venture participants with Getax and to bring their global mining and marketing expertise in the phosphate industry to our team.?

Allan Branch, Managing Director and CEO of Krucible said, ?Of all the opportunities we have been negotiating, the deal with Getax is clearly the best for shareholders in terms of long term sustainability of our ongoing exploration program and for near-term profits.? Allan gives credit to our recently retired founder Tony Alston who identified Getax and initiated the negotiations.

About Getax: Getax is a Singapore based parent company with Australian and Indian offshoots across various industries including fertilizer businesses, trading, shipping and mineral exploration. They are one of the largest international players in the phosphate rock business.

Ends


It should also be remembered that KRB has a substantial, high quality Yttrium resource

 

Disclaimer: The author of this post, may or may not be a shareholder of any of the companies mentioned in this column. No company mentioned has sponsored or paid for this content. Comments on this forum should never be taken as investment advice.

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