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South32 and Trilogy Metals to form Upper Kobuk Mineral Projects Joint Venture
South32 and Trilogy Metals to form Upper Kobuk Mineral Projects Joint Venture Cana...
About this update from Trilogy Metals Inc.
[{"type":"text","content":"\n\n\n\nSouth32 and Trilogy Metals to form Upper Kobuk Mineral Projects Joint Venture\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Dec. 19, 2019\n\n\n\nVANCOUVER, Dec. 19, 2019 /CNW/ - South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (\"South32\") and Trilogy Metals Inc. (TSX, NYSE American: TMQ) (\"Trilogy Metals\") announced today that South32 has exercised its option to acquire a 50% interest in a joint venture company (\"Joint Venture\") that will own the Upper Kobuk Mineral Projects (\"UKMP\") located in northwest Alaska. Trilogy Metals will contribute all of its assets associated with the UKMP and South32 will contribute US$145 million to the Joint Venture. Establishment of the Joint Venture is expected to occur in February 2020 and follows an initial exploration partnership between South32 and Trilogy Metals over three field seasons to advance both parties' geological understanding of the UKMP. \nFollowing formation, the Joint Venture will retain US$87.5 million of the US$145 million subscription payment to fund its activities and exploration programs with the balance of US$57.5 million loaned back to South32. The loan will be repaid in instalments, on notice by the Joint Venture as required to advance development studies, resource drilling and regional exploration programs. \nSouth32 Chief Executive Officer, Graham Kerr said, \"Investing in exploration to create shareholder value is integral to our Group's strategy. Forming the UKMP Joint Venture will be another important milestone as we reshape and improve our portfolio, by adding high-quality copper and base metals development options. The decision to exercise the option follows a successful exploration ...