South32 signs JV with Superior Resources for the Nicholson Project

Company News

by Rachael Jones

Global miner South32 (ASX:S32) has signed a joint venture agreement with Superior Resources (ASX:SPQ) for the Nicholson Project.

Superior Resources (ASX:SPQ) 100 per cent own the Nicholson Project in north-west Queensland.

Under Stage 1 of the “Hedleys Joint Venture”, South32 must fully fund an initial $2 million or 4,000 metres of drilling within the first 12 months of operations, with funding to commence immediately.

South32 may elect to proceed to Stage 2 by sole-funding a further $4 million on exploration within the following four years to earn a 70 per cent interest in the project.

Shares in South32 (ASX:S32) are trading 2.47 per cent lower at $3.35.


 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.