Minemakers To Pursue JV With Other Parties on Wonarah, Australia

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Minemakers Limited (MAK.TO) has commenced a strategic partnership process in relation to the Wonarah Phosphate Project (Wonarah or the Project) in the Northern Territory, Australia.

In June 2011, Minemakers entered into a non-binding Memorandum of Understanding ( MOU ) with India's largest mining company, NMDC Limited (NMDC). The MOU had an exclusivity period that expired earlier this year and the MOU itself expired in early June 2012.

NMDC has been unable to make a timely decision to progress a partnership with Minemakers has been disappointing and, after expiry of the exclusivity period, Minemakers has been approached and subsequently engaged in preliminary discussions with several global fertiliser manufacturing and trading companies. The Minemakers Board has decided it will pursue alternative potential JV partners through a co-ordinated strategic partnership process.

Minemakers has now formally commenced a process to attract and select suitable parties interested in a joint venture arrangement on Wonarah. Potential JV partners are likely to be major players in the phosphate value chain from several different countries. Minemakers remains open to NMDC participating in this process.



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This article appears in: Investing , Commodities

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