Ownership Restructure – Chaketma & Bir El Afou Phosphate Projects
October 15, 2013 (Source: Celamin Holdings NL) — Celamin Holdings NL (Celamin) and Tunisian Mining Services (TMS) advise that agreement has been signed between the two partners to restructure ownership of the Chaketma and Bir El Afou Tunisian phosphate projects previously held 50/50 by both parties.
Under the new arrangements Celamin will own 51% of Chaketma and TMS will own 49% of Chaketma and 100% of Bir El Afou.
Celamin and TMS will work together to complete the Definitive Feasibility Study (DFS) on Chaketma. The amended arrangements facilitate an orderly management of the decision making process which will flow through to the development phase of the project.
A project company will be formed, based on the new ownership structure (51%/49%), to facilitate the ongoing evaluation and ultimate development of the Chaketma Phosphate Project and hold the recently renewed exploration licence. This will be the appropriate entity to complete the DFS, move forward on discussions with potential off-takers and financiers and apply for the mining lease concession upon completion of the DFS.
TMS is to fund 30% of the DFS to a limit of US$2 million and Celamin will finance the balance. TMS will advance Bir El Afou from its own resources.
Celamin Managing Director David Regan stated, “The finalisation of the ownership structure will provide a high degree of certainty as we move through the DFS and ultimately to the development of the Chaketma Phosphate Project.”
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“The ownership structure now in place, which has taken several months of negotiation to finalise, will allow Celamin through the project company to devote and focus its time and effort on developing what is shaping up as a world-class phosphate project at Chaketma. It provides additional certainty to both financiers and off-takers and streamlines the decision-making process. Importantly the project is one of national significance and will be submitted to the oversight of the Tunisian Administration’s “Commission of Major Projects” which is to ensure that all government-supplied infrastructure, services and permitting will be available on a timely basis. These factors combined significantly de-risk the project as we move closer to development.”
Both Celamin and TMS are committed to the responsible development of the Chaketma Project for the benefit of all stakeholders.
Preliminary DFS results are now anticipated by mid-2014. Social and environmental studies have commenced and metallurgical test work to optimise the process plant is well advanced.
The results of drilling undertaken mid-year will also be available over the coming months. These results are expected to upgrade portions of the existing Kef El Louz North Inferred Resource and allow southerly expansion of the resource boundary. The data will also be used to estimate initial resources over the Sidi Ali prospect, located immediately north of Kef El Louz.
Inferred resources for only two of the six prospects that make up the Chaketma Project already stand at
135m tonnes at 20.5% P2O5. This underpins the potential for an operating mine life of over 35 years, based upon the Preliminary Feasibility Study findings released in 2012, and takes no account of the significant potential which lies within the other four prospects.
About Celamin Holdings NL
Celamin Holdings NL (ASX Code CNL) is an ASX listed company focused on the exploration and development of resource projects in North Africa.
Celamin and local partner Tunisian Mining Services continue to advance the Chaketma Phosphate Project in Tunisia as a priority.
Positive Scoping Study results were announced on 14 August 2012. A maiden JORC Inferred Resource was announced for the Kef El Louz prospect on 9 November 2012 and for the Gassaa Kebira prospect in June 2013. The next phase of work includes the completion of a Bankable Feasibility Study.
Competent Person’s Statement
Resource estimation and management of the project database were undertaken by Geos Mining’s Senior Geologist: Resources & Data, Oliver Willetts.
The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Oliver Willetts, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy (membership No. 312940).
Oliver Willetts has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Willetts consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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