Aldoro Resources Ltd (ASX:ARN) has executed a Memorandum of Understanding (MoU) with Hong Kong-based True Gains Limited to further progress the development of its Niobe Rubidium and Lithium Project in Western Australia.
The MoU also aims to utilise the network of True Gains founder Hua Wang to expedite offtake discussions.
Wang acts as chairman of Nanjing-based Jeshing Group and his networks will be integral in assisting the company to develop Niobe into Australia’s first and only rubidium mine.
Looking ahead, the MoU provides flexibility for True Gains to introduce joint venture (JV) development funds and partners for the Niobe project.
Progress value accretive aspects
The purpose of the MoU is to progress value accretive aspects to the commercialisation and development of the Niobe project, including:
- Securing a suitable joint venture partner and/or strategic investor for the exploration and development stages.
- Introduction of the company and the Niobe project to potential off-takers for lithium and rubidium extracted from the Niobe project.
About Aldoro
Aldoro is an ASX-listed mineral exploration and development company.
The company has a portfolio of lithium, rubidium and base metal projects, all located in Western Australia.
The company’s flagship projects are the Wyemandoo lithium-rubidium-tungsten project and the Niobe lithium-rubidium-tantalum project.
Other projects include the Narndee Igneous Complex, which is prospective for nickel-copper-PGE mineralisation.