ENP Newswire -
Release date- 26062014 - In light of an article published in The Australian on
The agreement provided the basis for the establishment of joint venture company
Details of the Shareholders Agreement and joint venture arrangement between the Company and the
As set out in the announcement referred to above, key terms of the Shareholders Agreement are as follows:
ENAMCO and South Boulder each hold a 50% ownership in the Project through the newly incorporated company,
It is proposed that Project Development Costs for initial development will be funded 70% by debt and 30% by equity;
To the extent that third party commercial debt is not available for 70% of Project Development Costs, South Boulder will be required to provide the debt to CMSC on arms' lengths commercial terms;
The balancing 30% project equity required for initial Development Costs will be funded by South Boulder. South Boulder will be entitled to recoup 50% of this equity as a preferential payment from 50% of the Project cashflows (subject to ongoing funding requirements of CMSC) that would have otherwise been available to all equity holders and
CMSC will have a Board of 5 being 3 members from South Boulder and 2 from ENAMCO.
Tel: +61 8 6315 1444
The JORC/NI43-101 Compliant Mineral Resource Estimate for the flagship
The start-up capital cost for Colluli is one of the lowest in the industry; couple this with cheap expansion capability via open pit mining methods, excellent infrastructure and location, and it becomes even more attractive, ensuring South Boulder gains a high level of investment interest for the long term.
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