Wednesday, May 25, 2011

Blackthorn Resources Ltd [BTR] - BHP Billiton intends to withdraw from Mumbwa Joint Venture

Blackthorn Resources announce that JV partner BHP Billiton has advised of its intention to withdraw from direct involvement in the Mumbwa JV Project in Zambia.

BHP Billiton will assign its 40% interest in the JV to Blackthorn Resources, who will then hold a 100% interest.
BHP Billiton will remain entitled to receive a 2% production value royalty from any future mining conducted on the Mumbwa JV area.

The date for termination of the JV and some detailed arrangements applying to BHP Billiton’s withdrawal have yet to be finalised.

No comments: