Minemakers, Indian Miner Ink Preliminary Deal to Develop Aussie Phosphate Deposit
Minemakers Ltd (MAK.TO,MMS) is off more than 8% today, falling $0.05 to $0.55 a share despite signing a letter of understanding with India-based miner NMDC Ltd. to develop the Wonarah Phosphate deposit, considered the largest known, undeveloped phosphate deposit in Australia.
The non-binding pact calls on the companies to a joint feasibility study as part of efforts to establish a mine and downstream processing facilities to produce beneficiated rock phosphate for export. Other products could include phosphoric acid and finished fertiliser products such as diammonium phosphate and monoammonium phosphate. The firms anticipate the feasibility study to be sufficiently advanced to support a full Joint Venture Agreement by Q4.
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