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Xtract Resources negotiates extensions at Chepica and O'Kiep

Xtract added that Chepica was unaffected by the recent earthquakes in Chile.
Xtract Resources negotiates extensions at Chepica and O'Kiep
At Chepica, Xtract will now start payments in March at US$385,000 per month for ten months.

Xtract Resources (LON:XTR) has negotiated a deferral of payments for both its Chepica mine in Chile and the O’Kiep tailings project in South Africa.

At Chepica, Xtract will now start payments in March at US$385,000 per month for ten months to December, when it will take 100% ownership of the mine.

At the  O'Kiep and Caroulsberg copper copper tailings projects, Xtract will pay R1.5 mln (£70,000) for a four month extension on the exclusivity period until 29 February, when it will decide whether to go ahead with the project.

Xtract added that Chepica was unaffected by the recent earthquakes in Chile.

Jan Nelson, chief executive, said:  "We are pleased to have deferred our payments on Chepica and appreciate the flexibility we have been given on the Option payments. 

“At O'Kiep and Carolusberg, the extension of the option period will enable our team to fully evaluate the dumps and make an informed assessment as to whether to proceed or not.“

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