Business
Joint Venture Finalised for B
Joint Venture Finalised for B.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n RNS Number : 6864E Kefi Minerals plc 24 December 2009 \n \nAIM: KEFI 24 December 2009\n\nKEFI Minerals Plc \n(\"KEFI Minerals\" or the \"Company\")\nJoint Venture Finalised for Bakir Tepe Project, Turkey\nKEFI Minerals, the AIM-quoted gold and copper exploration company with projects in Turkey and the Kingdom of Saudi Arabia, is pleased to announce that it has finalised a joint venture agreement with TSX-listed Centerra Gold Inc. (\"Centerra\") in respect of the 100%-owned Bakir Tepe Project in southwestern Turkey.\n\nAs outlined in a KEFI Minerals' announcement on 10 November 2009, the key terms of the joint venture are as follows:\n\n\n\nCenterra earns a 51% interest in the Bakir Tepe Project upon contributing US$750,000 to the joint venture over 2 years with a minimum expenditure of US$350,000 in the first year;\n\n\nOnce Centerra has earned its 51% interest, each party shall fund their respective percentage interests subject to dilution for non-participation in such expenditure; \n\n\nIf either party's interest is diluted to less than 10%, that party's interest will automatically be converted to a 2.0% net smelter return royalty; and\n\n\nKEFI Minerals will be the manager of the Project and Centerra has the right to become manager if they so elect and have met certain milestones.\n\n\nBakir Tepe Licences cover a 78 km2area and are prospective f...