Caerus Mineral Resources plc has signed a joint venture agreement with Bezant Resources plc covering the Troulli, Kokkinapetra and Anglisides copper-gold licences in Cyprus.
TERMS
The JV began with immediate effect with Bezant’s financial contribution backdated from the start of diamond drilling at Troulli on 16 September 2021.
The companies had committed an initial sum of US$1 million towards resource development and to take the project to feasibility
Caerus said it would manage the exploration and resource development phase of the programme.
Bezant will be responsible for project feasibility studies, mine development, as well as arrange funding and guarantees for third-party funders for plant and infrastructure to start mining.
Once in production, Caerus will, as a priority, be refunded for all direct exploration expenditure committed to taking the projects to the feasibility stage and will receive 20% free-carried interest over the life of mine.
TECHNICAL
Caerus will operate and chair a joint technical committee during the exploration and resource development phase and Bezant will take over during the feasibility, construction and production phase.
JUBILEE METALS
If metals recovery company Jubilee Metals Group entered into a joint venture as well as design, construct and finance a processing plant for the JV properties, Caerus and Bezant would subordinate their interests to the 15% free participation due to Jubilee under its agreement with Caerus.