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YTC Resources (ASX: YTC) is focussed on the development and exploration of the high grade Hera-Nymagee Project in the Cobar district of NSW.
The company has completed the Definitive Feasibility Study (DFS) on the Hera gold and base metal deposit as Stage 1 of the development of the Hera-Nymagee Project. Stage 2 of the Feasibility study will look at the integration of the larger Nymagee copper deposit, located 4.5km to the north of Hera.
YTC Resources reports Tasmanian Tin JV to commence
YTC Resources (ASX: YTC) noted the announcement by Metals X Limited (ASX: MLX) of the commencement of an unincorporated Joint Venture with YT Parksong Australia Holding Pty Ltd (the Yunnan Tin Group Partners).
Yunnan Tin Group Partners have acquired an initial 50% interest in MLX’s Tasmanian Tin Operations.
Both MLX and the Yunnan Tin Partners hold a 50% interest in the Joint Venture. The Tasmanian Tin Operations include the world class Renison tin and base metals mine.
MLX and the Yunnan Tin Group Partners have established a jointly owned operating company, Bluestone Mines Tasmania Joint Venture Pty Ltd to manage the operations for and on behalf of the Joint Venture parties.
YTC has worked closely with the Yunnan Tin Group Partners in the introduction, assessment and negotiation of this transaction under an alliance agreement with the Yunnan Tin Group (YTG).
Under the terms of the YTC-YTG Alliance Contract Agreement YTC will receive a $1.5m success fee and reimbursement of its consulting costs incurred.
In addition to the success fee, YTC will be paid an ongoing management fee equal to 5% of the Yunnan Tin Group Partners’ after tax net profit for providing ongoing management, supervision and advice to the Yunnan Tin Group Partners in relation to the Joint Venture.
