Sydney, Australia — MININGREVEW.COM — 23 November 2010 – The joint venture between Swiss-based Glencore International AG “’ one of the world’s largest suppliers of a wide range of commodities and raw materials “’ and Australian based and listed mining company Blackthorn Resources Limited has been completed and is now in effect.
A statement released here by Blackthorn said that in terms of the agreement, Glencore would provide the US$80 million (R560 million) required to complete the project. This would enable Glewncore to obtain an effective 50.1% share in the Perkoa project, with Blackthorn retaining 39.9%, and the Burkina Faso government retaining its 10% free carried interest.
The statement added that Glencore would manage and operate the project by completing construction and progressing operations over Perkoa’s projected 9.5 year mine life.
Commissioning of the project is scheduled for late in Q2 of 2012.
Blackthorn Resources managing director Scott Lowe commented: “This marks a major turning point for our company, and the commencement of production in 2012 will help transform us from a junior explorer to a profitable mining company.”