Australian multi-commodity exploration company Rox Resources has agreed to sell its stake in the Reward zinc-lead project to Marindi Metals Limited.
Located adjacent to the McArthur River zinc-lead mine, the Reward zinc-lead project is jointly owned by Rox (49%) and Teck Australia (51%), which opted to increase its interest in the project to 70% by spending an additional A$10 million (A$15 million in total) by 31 August 2018.
Under the JV agreement between the two companies, Rox was obliged to offer to sell its interest in the project to Teck on the same terms and conditions as any offer it intends to accept.
The company claims that the offer as extended to Teck, but admitted that Teck has raised “some concerns” about its compliance with the terms of the JVA.
“Teck has written to Rox setting out some concerns with respect to the Offer and its compliance with the JVA and in doing so reserved its rights under the JVA,” Rox told the ASX.
“At Teck’s invitation, Rox has entered into discussions with Teck to clarify these matters.”