viewXtract Resources PLC

Xtract Resources extends partnership with Omnia Mining for Manica project

Xtract Resources said the deal with Omnia gives the company "the opportunity for a fast track hard rock operation".

Omnia will use its processing plant to target hard rock occurrences at Manica

Xtract Resources PLC (LON:XTR) has agreed a new collaboration with Omnia Mining Ltd for the exploitation of hard rock gold deposits at the Manica mining concession in Mozambique.

Omnia will use its processing plant to target all hard rock occurrences at Manica, apart from the Fair Bride project, which remains under the sole control and management of Xtract.

READ: Xtract Resources says contracted gold operations are “progressing favourably”

The plant is capable of processing 400,000 tonnes per year.

Xtract will carry out the initial investigation on potential targets while costs of further exploration work will be shared equally between the two companies.

Hard rock occurrences that meet the agreed target hurdle rate of return of 25% will be mined and the benefits shared on a 50:50 basis.

“Within the partners concession areas, there exists numerous hard rock occurrences most of which have undergone limited, superficial or no exploration,” said Xtract executive chairman Colin Bird.

“The agreement provides Omnia with the company's mining and processing expertise and gives the company the opportunity for a fast track hard rock operation.”

The deal extends a collaboration agreed earlier this month between Xtract and Omnia to exploit alluvial gold deposits at Manica.

READ: Xtract Resources hires new mining contractor for Manica alluvial project

Xtract said the aim of the agreement is to convert hard rock exploration targets into a joint mining operation with Omnia.

The Fair Bride project will be developed separately by Xtract. 

Quick facts: Xtract Resources PLC

Price: 1.05 GBX

Market: LSE
Market Cap: £4.6 m

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