Joint Ventures
Luwumbu
IMX is diluting their interest in the Luwumbu project to 27%. Luwumbu is a PGE project, with a 12km strike length of mineralisation.
Lonmin has the right to earn 51% equity interest once they have produced an indicated JORC resource, and a further 19% by taking the project through to a Bankable Feasibility Study. To achieve this, Lonmin must spend US$1.5m per annum and the BFS must be completed before 31 March 2009.
In 2007, Lonmin will spend US$4.2m and plans to complete 15,000m of diamond drilling at the Luwumbu project.
 |