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 (
) 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
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.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.