[miningmx.com] – XTRACT Resources has renegotiated the purchase price for O’Kiep Copper with Mineral Technologies International by offering an immediate payment of $250,000 with a further cash payment of $125,000 due by May 26.
“We are delighted to have improved the terms on the O’Kiep Project as we see it as an exciting opportunity for Xtract due to its low entry and evaluation cost,” said Jan Nelson, CEO of Xtract Resources who added the company would now pay 19% less than the initial consideration.
“Assuming the evaluation is successful, this project has the potential to transform the company from a small junior to a mid-tier, low cost copper producer,” he said. Xtract would pay a total of $2.9m for the asset, situated in South Africa’s Northern Cape.
