Heads of Agreement signed with Darwin Ports Corporation
Perth, Nov 26, 2013 AEST (ABN Newswire) - Rum Jungle Resources Limited (
ASX:RUM) and Darwin Ports Corporation Sign a Heads of Agreement for the Export of Fertilizer Minerals through the port of Darwin.
- A Heads of Agreement signed with the Darwin Ports Corporation to establish a framework for the negotiation of formal agreements for the use of land and infrastructure by RUM at the East Arm Wharf , Darwin
- The formal agreements to be negotiated will enable RUM to export either phosphate rock, phosphoric acid or phosphate fertilisers and potash salt products from East Arm Wharf
- Formal agreements are proposed to provide the necessary licences and commercial terms to allow RUM to access and use land at East Arm Wharf, as well as to construct and operate necessary supporting infrastructure to export product from Darwin
- A final formal agreement with the Darwin Ports Corporation will be included as part of potential future bankable feasibility studies
- Discussions are continuing with relevant government departments and other infrastructure providers to ensure the necessary approvals and commercial agreements for the development both the Ammaroo Phosphate Project and the Karinga Lakes Potash Project are progressed
Rum Jungle Resources is pleased to advise that the potential development of its phosphate and potash resources in the Northern Territory is continuing to progress toward realisation after the Company entered into a non-binding Heads of Agreement with the Darwin Port Corporation. The Heads of Agreement establishes a framework that underpins the negotiation of formal agreements for the use of land and the construction and operation of infrastructure at Darwin's East Arm Wharf port facilities for the export of phosphate rock, phosphoric acid or phosphate fertilsers and potash salts.
The Ammaroo Phosphate project is currently undergoing a pre-feasibility study under the direction of WorleyParsons and is expected to be completed in the first half of 2014. It is intended that a pre-feasibility study on the Karinga Lakes Potash project will be commenced in Q1 2014. It is envisaged that formal agreements will be completed during bankable feasibility studies, should either of the fertiliser mineral projects successfully progress to that stage during 2014.
Rum Jungle Resources Executive Director, Mr Chris Tziolis, said that "efficient and unconstrained access to export infrastructure on both rail and at the port, will be a key enablers of the successful commercialisation of both our phosphate and potash projects by enabling export of products to growing markets in Asia. While non-binding, this agreement and the establishment of a negotiation framework for Rum Jungle Resources to work with Darwin Port Corporation to develop the appropriate commercial agreements for the use of land and existing facilities and the creation of necessary additional supporting infrastructure, is an important step in the project development process."
"We look forward to working closely with the Darwin Ports Corporation as we progress development of the Ammaroo Phosphate project and the Karinga Lakes Potash project."
About Verdant Minerals Ltd
Verdant Minerals Ltd's (ASX:VRM) strategic intent is to create shareholder value through the discovery, development and operation of fertiliser and industrial mineral projects, located in close proximity to existing transport infrastructure, with a primary focus on the Northern Territory of Australia.
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