South Africa-focused mineral explorer and developer White Rivers Exploration (WRE) has signed a Memorandum of Understanding (MoU) with Windfall Energy to facilitate the joint exploration and development of WRE’s Helibron and Kroonstad gas assets in the Witwatersrand Basin.
Under the terms of the MOU, Windfall will fund all costs associated with the exploration and development of the two gas resources to the point of the granting of a production right on each asset.
Upon achieving an exploration right for either asset, Windfall will earn a 30% interest in the gas rights of the respective asset.
Upon achieving a production right for either asset, Windfall will earn a 51% interest in the production right and first right of refusal to procure any gas produced on normal commercial terms.
Once a Production Right has been granted, both companies will contribute pro rata of equity participation to achieve commercial production.
WRE Executive Chairman Neil Warburton says the signing of a second joint venture partnership to develop WRE assets in South Africa demonstrates the quality of the company’s portfolio.
“We look forward to working with Windfall Energy to fast-track the development of the Helibron and Kroonstad gas assets at a time when alternative energy supplies in South Africa are being sought. The agreement marks another milestone on the path to commercialisation for WRE’s large portfolio of assets,”
Harmony Gold JV Progresses
The exploration partnership established in October 2024 with gold miner Harmony Gold to explore and develop gold resources at WRE’s Beisa project and abutting exploration areas within Harmony’s adjacent Target mine operations in the Free State is progressing well.
The JV has now consolidated all historical data on the project and expects to release an initial JORC-compliant gold resource in September.
The JV has also appointed Johannesburg-based mining engineering consulting firm Bara Consulting to undertake scoping studies based on the use of Harmony’s abutting Target mine underground and surface infrastructure.
The initial scoping study is expected to be completed by December.