Sherritt to fund exploration of Sulawesi project
Thursday, February 28 2013 - 03:19 AM WIB
World?s leading lateritic ore nickel miner and refiner giant Sherritt International Corporation expects to fund exploration and development activities on Sulawesi project to meet the US$30 million requirement under the project's earn-in agreement by October 2013.
This requirement, among others, must be satisfied in order for Sherritt to obtain ownership of a 46% economic interest in the Project.
In its quarterly report, the company said that after spending US$30 million and obtaining its ownership interest in the Project, Sherritt may elect to spend an additional US$80 million by June 2017, directed towards additional exploration drilling and producing a feasibility study.
"If Sherritt does not elect to spend additional funds, or does not complete the additional spending, the Corporation would forfeit its ownership interest," it said.
Editing by Adianto P. Simamora