Bezant Resources PLC (AIM:BZT, FRA:BN5) has entered into a conditional agreement with IDM Mankayan Pty Ltd, a company incorporated in Australia, to take the Mankayan project in the Philippines forward.
IDM will acquire Asean Copper Investments, the holding vehicle for a major stake in Mankayan, while Bezant will retain a 27.5% stake in IDM.
The remaining 72.5% will be owned by established investors in the mining sector.
Bezant will provide A$90,000 of initial funding and the other IDM Shareholders will provide A$210,000.
"Bezant are pleased to be working with IDM whose financial and technical team have strong South East Asia experience,” said Colin Bird, Bezant's executive chairman.
“The Mankayan project is well placed to benefit from recent projections for the electrical vehicle and copper markets at a time when the Philippine government have announced that they wish to revitalise mining in the Philippines. We share IDM's view that the Mankayan project will be well received by the ASX market and that the proposed listing on the ASX will enhance value for IDM shareholders."
The company has previously reported a JORC resource of 1.3mln tonnes of contained copper and 4.3mln ounces of gold for the Mankayan project, and it is the intention of IDM to update this.