Xtract Resources, Nexus Capital tweaks terms of Manica gold pact
Source - SMW
Xtract Resources said it had tweaked the terms of a collaboration agreement with Nexus Capital that would see the pair now equally share gold production from the Manica gold prospect.
The amended pact would also see Xtract pay a settlement of $76k to Nexus for fees accrued between 1 January 2018 and 31 May.
All entry fees received from contract miners after 31 May 2018 would be divided equally between the companies.
'The new agreement is the result of prolonged negotiations between Nexus and Xtract targeted towards an equitable agreement which reflects concession ownership and our responsibilities,' executive chairman Colin Bird said.
'This agreement has removed key aspects of negative control by Nexus and remains in the general interest of both parties.'
'I am very pleased that agreement has been reached with Nexus and now look forward to working to increase the production of the Manica alluvials by revising the current contracting arrangements."
At 1:44pm: (LON:XTR) Xtract Resources Plc share price was +0.01p at 0.68p