Business
Search Minerals and PT ANTAM (Persero) Tbk Sign Heads of Agreement for Salt Technology Processing Plant
VANCOUVER, May 23, 2012 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SM...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, May 23, 2012 /CNW/ - Search Minerals Inc. (\"Search\" or the \"Company\") (TSXV: SMY), is pleased to announce that the Company and PT ANTAM (Persero)\n Tbk(\"ANTAM\") (ASX:ATM; IDX:ANTM) have signed a Heads of Agreement\n (\"HOA\") to cooperate in developing a Starved Acid Leach Technology\n (\"SALT\") plant to apply the Company's SALT technology in processing low\n grade saprolite nickel ore from ANTAM's mining permits in one or more\n of Halmahera, Pomalaa or other mining projects located within\n Indonesia.  Subject to satisfactory results of the parties respective\n due diligence and evaluation, Search will design, construct and operate\n the plant in Indonesia and ANTAM will commit to a long term ore supply\n capable of supporting a 30 year mine plan for each Indonesian project\n that ANTAM and the Company mutually agree on for the implementation of\n SALT, once proven. Subject to studies, the initial supply is\n anticipated to be approximately 2 million dry tonnes of ore per year. \n Nickel produced from the plant would be available to ANTAM at market\n pricing under an off take agreement.  If ANTAM's refineries can\n feasibly extract any produced cobalt from the plant then the parties\n would transact for such cobalt based on market pricing and\n alternatively Search would be unencumbered in how it disposes of any\n such cobalt product in accordance with prevailing laws and regulations.\n\n\nSearch has already received approximately 160 kilograms of material from\n ANTAM's Pomalaa mine to begin testing with Dr. Dreisinger and his team\n at the University of British Columbia.  Laboratory testing will proceed\n while the parties complete pertinent due diligence, determine a\n favorable transaction structure and negotiate definitive transaction\n agreements. Subject to satisfactory results of the parties' respective\n due diligence, the parties intend to execute definitive agreements\n within six months.\n\n\nThe Indonesian plant will be the second plant to test the Company's SALT\n process. Through its participation with Votorantim Group in Brazil (see\n News Release - August 9, 2011), Search has advanced the development of\n the SALT process via the Votorantim pilot plant in Rio de Janeiro with\n respect to leaching of Caron plant tailings and laterite (saprolite)\n materials.\n\n...