Wodgina Sale Agreement
Submitted by: Global Advanced Metals (GAM)
Posted: Jun 28, 2016 – 08:30 AM EST
WALTHAM, Mass., U.S. and PERTH, Australia, Jun. 28 /CSRwire/ - Global Advanced Metals Pty Ltd (GAM), a leading producer of conflict-free tantalum, today announced that it has entered an agreement, through its wholly owned subsidiary Global Advanced Metals Wodgina Pty Ltd, to sell substantially all of its Wodgina mine assets and tenements in the Pilbara region of Western Australia to an affiliate of Mineral Resources Limited (MRL) (ASX:MIN.AX), a mining services and processing company headquartered in Perth, Australia. The agreement is subject to customary closing conditions.
Under the terms of the agreement, it is expected that MRL will take possession of substantially all of the Wodgina mining and infrastructure assets upon closing, while GAM will continue to retain its rights to the mine’s large tantalum mineral resource.
“This is an excellent outcome for both companies”, said Andrew O’Donovan, GAM’s Chief Executive Officer. “GAM will receive cash payment for non-core aspects of the Wodgina mine, keep rights to tantalum, our core business, while MRL, with existing presence in the mining resource rich Pilbara region, will acquire infrastructure and mine assets complimentary to its operations.”
GAM continues to process tantalum raw material at its Greenbushes mine in Western Australia, as well as sourcing tantalum raw material from ethical, conflict free sources globally for its processing facilities in the U.S. and Japan.
About Global Advanced Metals Pty Ltd
Global Advanced Metals Pty Ltd currently owns the world’s largest known resource of tantalum ore in its Western Australian mines, is actively engaged in exploration and resource development throughout the world, and processes tantalum ore to finished product at its U.S. and Japan based facilities. GAM is a global leader in the production, development and sustainable supply of tantalum to a range of industries including electronics, aerospace, automotive and chemical processing. GAM facilities have been officially declared “Conflict Fee” since formation of the EICC/GeSI Conflict Free Smelter audit process in 2010, and continues to maintain that status today.
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