Business
Signing of JV Agreement with Bezant Resources PLC
Signing of JV Agreement with Bezant Resources PLC.
About this update from Critical Mineral Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0215S\n Caerus Mineral Resources PLC\n 11 November 2021\n \n \n \n \n 11 November 2021\n \n \n Caerus Mineral Resources PLC\n \n \n ('Caerus' or the 'Company')\n \n \n Signing of Joint Venture Agreement with Bezant Resources PLC\n \n \n \n Caerus Mineral Resources \n \n (LON: CMRS), the exploration and resource development company focused on developing mineral resources in Europe to support the global \"Clean Energy\" initiative, is pleased to inform shareholders of the signing of a Joint Venture Agreement (the \"Agreement\") with AIM-listed Bezant Resources PLC (AIM: BZT) (\" Bezant\").\n \n \n Highlights\n \n \n · \n The Joint Venture (\"JV\") covers the Troulli, Kokkinapetra and Anglisides licences, held by Caerus in Cyprus (\"JV Properties\")\n \n \n · \n The JV begins with immediate effect, with Bezant's financial contribution backdated from the commencement of diamond drilling at Troulli on 16 September 2021\n \n \n · \n The Parties have committed an initial sum of USD1.0 million towards resource development and to take the Project to feasibility\n \n \n · \n Caerus will manage the exploration and resource development phase of the programme, with Bezant will be responsible for; \n \n \n o \n Project feasibility studies and mine development; and \n \n \n o \n Arranging funding and guarantees required by third party funders for plant and infrastructure funding to commence mining \n \n \n · \n Once in production, Caerus will, as a priority, be refunded for all direct exploration expenditure committed to getting the projects to the feasibility stage and will receive 20% free-carried interest over the life of mine.\n \n \n \n \n \n \n Commenting on the Joint Venture Agreement, Chief Executive Officer Martyn Churchouse said, \"\n \n The signing of the Joint Venture with Bezant is a major step forward for the Company. The Agreement allows us to share the exploration and development risk associated with the Troulli - Kokkinapetra Project. At the same time, it frees up funding and capacity to expand our exploration and resource development programme across the rest of our licences. Bezant will bear the burden of arranging funding for the feasibility stage and the capital expenditure for both infrastructure and mine development whilst the Caerus will, on...