Empire Metals Ltd (AIM:EEE) has tweaked the terms of its agreement over the Pitfield project in Pilbara Australia to give it full control over all minerals discovered there.
Pitfield has the potential to be one the world’s largest titanium deposits believes Empire, which said the change removes any possible ambiguity about the ownership rights.
Under the revised terms of the 70% Empire and 30% Century Minerals joint venture, there are no exemptions or other separate mineral rights applying to Pitfield.
Empire has also paid A$250,000 for a redefinition of rights at the Pitfield to 70% of all minerals present regardless of their physical or chemical nature.
“The consolidation of all minerals under the one JV simplifies the ownership structure and eliminates the potential for multiple parties to be working on the same ground, exploring for different commodities and allows for the continued rapid development of Pitfield,” said the statement.
Shaun Bunn, Empire’s managing director, added: "I am extremely pleased that, in collaboration with Century, all minerals discovered at Pitfield will be owned by the JV in which Empire, as the 70% majority owner, acts as manager and operator.
"This not only simplifies the ownership structure it also removes any perceived ambiguity in relation to distinguishing the difference between bedrock hosted titanium minerals and surface mineral sands.
“We have a great working relationship with Century, whose principals have personally assisted our exploration team in planning and executing the field work to date."