Australia-based mineral exploration company Northern Manganese (NTM) has agreed to sell 90% of its interest in its Northern Territory Manganese Assets to Yukida Resources as part of its strategy to focus on progressing the Redcliffe Gold Project in Western Australia.
According to the company, these assets comprise 25 mineral applications across the Groote Eylandt Project, the Commonwealth Waters project and the Blue Mud Bay Project.
“Under the terms of the agreement NTM will retain a 10% free carried interest in the licence applications together with a 5% royalty on future production. NRM’s free carried interest can be acquired by Yukida under an election provision within the agreement,” NTM CEO Rodney Foster told the ASX.
“NTM anticipate settlement of the transaction and transfer of a 90% interest in the application to Yukida prior to the end on the month. We wish Yukida every success with this venture.”