Blackthorn Resources
Blackthorn Resources (ASX: BTR) is an Australian-based resources company with a diverse portfolio of African assets, including zinc, gold, copper, Nickel and Platinum Group Metals.
Blackthorn Resources endeavours to create long-term wealth for its shareholders and stakeholders through the successful development of its four key assets which include: the Perkoa Zinc project in Burkina Faso; the Burkina Faso Gold exploration project; the Mumbwa iron oxide copper-gold Joint Venture with BHP Billiton and the Mokopane nickel/platinum Project.
Blackthorn Resources pens agreement with Glencore International for Perkoa Zinc Project JV
Australian-based resources company Blackthorn Resources (ASX: BTR) has added another string to its mining bow after entering into a Heads Of Agreement with Glencore International in relation to the formation of a Joint Venture to commercialise the Perkoa Zinc Mine in Burkina Faso, West Africa.
Under the terms of the agreement, Glencore will provide or procure about US$72 million worth of funding in the form of project equity and loans to the JV to complete development of the Perkoa Project.
Glencore will hold a 50.1% interest in the project, Blackthorn will hold a 39.9% interest, and the State of Burkina Faso will continue to hold a 10.0% free carried interest upon the project being successfully commissioned.
Managing Director Scott Lowe said the Company believed the best way to finance the completion of the Perkoa development was a joint venture at the project level.
"Our analysis shows that the Glencore proposal provides value per share to shareholders that is superior to other alternative funding options," Mr Lowe said.
"Glencore is a strong and well-funded strategic partner, with widespread industry knowledge and expertise, as well as the ability to assist with reducing capital and operating costs.
"A major benefit of this proposal is that it does not dilute the interests of Blackthorn Resources’ shareholders in the Company’s other attractive development assets, including the Mumbwa copper project in Zambia which is in a joint venture with BHP Billiton."
The HoA proposes that Glencore be appointed manager of the JV, responsible for day-today operations and for sourcing the required debt funding facilities, including a working capital facility.
Glencore International is one of the world's largest suppliers of a wide range of commodities and raw materials to industrial consumers, with customers involved in industries such as automotive, power generation, steel production and food processing within a global network of operations as a source of Metals and Minerals, Crude Oil and Oil Products, Coal and Agricultural Products.
The companies intend to negotiate off-take sales agreements for all of Perkoa’s available base metal concentrate as a part of the JV agreement.
Glencore will purchase all of the Perkoa Project’s available base metal concentrates not otherwise committed to other customers. The specific terms and conditions of sales to Glencore will be negotiated and defined under a separate off-take agreement.
In formulating the HoA, Glencore has already undertaken certain due diligence in relation to the Perkoa Project, however, commencement of the JV will be conditional upon a number of issues including the following key matters such as Glencore finalising remaining due diligence investigations, execution of definitive and legally binding transaction documents and shareholder approval.
The proposed JV is subject to execution of binding transaction documents.
Subject to execution of binding transaction documents, Blackthorn Resources expects by the end of March 2010 to call an Extraordinary General Meeting of shareholders to consider the proposal and vote on the recommendation.
Other Blackthorn Resources articles
-
27/01/10 Blackthorn Resources announces BHP Billiton to fund next stage of Mumbwa Project
-
27/11/09 Blackthorn Resources outlines plans for 2010
-
24/11/09 Blackthorn Resources' Scott Lowe talks about zinc, copper and a JV with BHP Billiton
-
04/11/09 Blackthorn Resources and BHP Billiton announce copper gold drilling results at Mumbwa JV Project
-
03/11/09 Blackthorn Resources seeks partner for Perkoa zinc project
-
19/10/09 Blackthorn Resources and BHP Billiton ink copper resource at Zambian copper-gold project
-
22/09/09 Blackthorn Resources receives latest Mumbwa drill results from BHP Billiton
-
01/09/09 Blackthorn Resources' Perkoa Zinc Project is viable at current zinc prices
-
26/08/09 Blackthorn Resources and BHP Billiton JV, find best gold intersection yet at Kitumba anomaly
-
09/07/09 Blackthorn Resources finds more copper-gold from Phase 3B drilling at Mumbwa JV with BHP Billiton
Other Blackthorn Resources news
-
16/03/10 Blackthorn Resources managing director's interests buy additional shares
-
01/03/10 Blackthorn Resources reports Perkoa Zinc Project JV due diligence on schedule
-
18/02/10 Blackthorn Resources and BHP Billiton renew Mumbwa prospecting licence
-
16/12/09 Blackthorn Resources releases phase 3 drilling results
-
17/11/09 Blackthorn Resources reveals resource estimate details for Mumbwa JV project
-
05/11/09 Blackthorn Resources CEO picks up more shares
-
12/10/09 Blackthorn Resources gold project at Burkina Faso on track
-
29/09/09 Blackthorn Resources and BHP Billiton receive more assays from Mumbwa JV
-
18/09/09 Blackthorn Resources getting noticed by investors
-
05/08/09 Blackthorn Resources says drilling at Mumbwa in Zambia ongoing, work on JORC estimate has begun
Investors interested in Blackthorn Resources recently viewed
-
African Aura Mining (AIM / TSX-V: AAAM)
-
African Diamonds (AIM: AFD)
-
Alkane Resources Limited (ASX: .ALK)
-
AmerAlia Inc. (OTCBB: .AALA)
-
Amur Minerals (AIM: AMC)
-
Andover Ventures Inc. (TSX-V: .AOX)
-
Animas Resources Ltd (TSX-V: .ANI)
-
Apella Resources Inc. (TSX-V: .APA)
-
Apollo Minerals Limited (ASX: .AON)
-
Augur Resources (ASX: .AUK)
-
Avalon Rare Metals (TSX: .AVL)
-
Baobab Resources (AIM: BAO )
-
Batavia Mining (ASX: BTV)
-
Black Fire Minerals (ASX: BFE)
-
Black Ridge Mining (ASX: .BRD)
-
Bullion Monarch Mining (OTCBB: .BULM)
-
Cadillac Ventures, Inc (TSX-V: .CDC)
-
Chromex Mining (AIM: CHX)
-
Commerce Resources (TSX-V: CCE)
-
Connemara Mining (AIM: CON)
-
Cuervo Resources Inc (CNSX: .FE)
-
Discovery Metals (ASX / AIM: DML)
-
EMED Mining (AIM: EMED)
-
Emergent Resources (ASX: .EMG)
-
EurOmax Resources (TSX-V: .EOX)
-
European Nickel (AIM: ENK)
-
Eurotin Inc. (TSX-V: .ERT.P)
-
Extorre Gold Mines Limited (TSX: .EXT)
-
Ferrexpo (LSE: FXPO)
-
Finders Resources (AIM, ASX: FND)
-
Fission Energy Corp (TSX-V: .FIS)
-
Forte Energy (ASX / AIM: FTE)
-
Frontier Mining (AIM: FML)
-
Gippsland Limited (ASX, FRA: .GIP)
-
Great Western Minerals Group (TSX-V: GWG)
-
Greenland Minerals and Energy (ASX: .GGG)
-
Gulf Resources (ASX: .GLF)
-
Gunson Resources (ASX: GUN)
-
Halo Resources (TSX-V: HLO)
-
Herencia Resources (AIM: HER)
-
Horizonte Minerals (AIM: HZM)
-
Icon Resources Limited (ASX: .III)
-
Kalahari Minerals (AIM: KAH)
-
KEFI Minerals (AIM: KEFI)
-
Kenmare Resources (LSE: KMR)
-
Kent Exploration Inc (TSX-V: .KEX)
-
Kootenay Gold Inc. (TSX-V: KTN)
-
Landore Resources (AIM: LND)
-
London Mining (AIM: LOND)
-
Marenica Energy Limited (ASX: .MEY)
-
Metallica Minerals Ltd (ASX: .MLM)
-
Millrock Resources Inc (TSX-V: .MRO)
-
Mineweb (.: Mineweb)
-
Moly Mines (TSX / ASX: MOL)
-
Mosquito Consolidated Gold Mines (TSX-V: .MSQ)
-
Nimrodel Resources (ASX: NMR)
-
NioGold Mining Corporation (TSX-V: .NOX)
-
North American Tungsten (TSX-V: .NTC)
-
North River Resources (AIM: NRRP)
-
NQ Exploration Inc (TSX-V: NQE)
-
Pacific North West Capital Corp (TSX: .PFN)
-
Peninsula Minerals (ASX: .PEN)
-
Phosphate Australia (ASX: .POZ)
-
Pro Minerals Inc. (TSX-V: PRM)
-
Rambler Metals & Mining (AIM, TSX-V: RMM)
-
Red Rock Resources (AIM: RRR)
-
Regency Mines (AIM: RGM)
-
Robust Resources (ASX: .ROL)
-
Rusina Mining (ASX / AIM: RML )
-
Selwyn Resources (TSX-V: .SWN)
-
Silver Swan Group (ASX: .SWN)
-
South Boulder Mines (ASX: .STB)
-
Southern Silver Exploration Corp. (TSX-V: .SSV)
-
Southern Uranium (ASX: .SNU)
-
Stirling Resources (ASX: .SRE)
-
Strathmore Minerals (TSX: .STM)
-
Strzelecki Metals (ASX: .STZ)
-
Tantalus Rare Earths AG (FE: TAE)
-
Tarsis Resources (TSX-V: .TCC)
-
Thor Mining (ASX / AIM: THR)
-
TNG Limited (ASX: TNG)
-
Toro Energy Limited (ASX: .TOE)
-
Western Desert Resources (ASX: .WDR)
-
Western Potash Corp (TSX-V: .WPX)
-
White Canyon Uranium Ltd (ASX / TSX-V: WCU )
-
Xemplar Energy Corp (TSX: TSX-XE)
-
ZincOx (AIM: ZOX)









