Business
Joint Venture and Funding Update
Joint Venture and Funding Update.
About this update from Bluebird Mining Ventures Ltd.
[{"type":"text","content":"\n \n \n RNS Number : 8962U\n Bluebird Merchant Ventures Limited\n 03 August 2020\n \n \n \n \n \n \n \n Bluebird Merchant Ventures Ltd\n \n \n \n (the \n \n \"\n \n Company\" or \n \n \"\n \n Bluebird\")\n \n \n \n Joint Venture And Funding Update\n \n \n Bluebird Merchant Ventures (EPIC: BMV), the Korean focused gold development group is pleased to announce a Joint Venture and Funding Update with regards to the South Korean Projects. \n \n \n Highlights:\n \n \n \n • \n \n Southern Gold has been deemed to offer to sell its Joint Venture Interest to Bluebird\n \n \n \n • \n \n Joint Venture Agreements sets out a clear path to Bluebird owning 100% of the South Korean Projects\n \n \n \n • \n \n Project Funding for 100% of the Project costs to be made available at the conclusion of the process with Southern Gold\n \n \n At the Joint Venture Board meeting, held last Thursday in Singapore, the Company as Manager of the Joint Venture, under the terms of the Joint Venture Agreement (\"JVA\"), formally presented the Redevelopment Proposal and associated budget to Southern Gold. Southern Gold have declined to approve the development of the two South Korean projects at this time. \n \n \n Southern Gold gave reasons for their decision in their news release today which can be accessed at \n https://www.asx.com.au/asxpdf/20200803/pdf/44l47g0jrvd7k6.pdf\n \n \n The Company respects Southern Gold's point of view but strongly disagrees with their view on the timing of county government approvals. Both projects have been granted a Permit to Develop which allows for mining operations to commence. The Permit to Develop was granted for both Projects and as required by the process received unanimous regulatory support from the county. \n \n \n Every mining project in the world requires various ancillary approvals and permissions, both prior to and during mining operations. It is common practice that these are sought once the project is underway. Given that the key permission, the Permit to Develop, has been granted the Company does not expect to encounter any issues that will prevent or delay mining operations commencing. \n \n \n Under the terms of the JV Agreement, Southern Gold have now effectively deemed to have offered to sell their 50% interest in the South Korean projects to ...