Eastern Iron Ltd has executed a non-binding Memorandum of Understanding (MOU) with Ya Hua International Investment and Development Co. Ltd (Yahua), a wholly owned subsidiary of Sichuan Yahua Industrial Group Co. Ltd, to form a strategic partnership for the acquisition and development of lithium projects.
Key terms are as follows:
- Yahua and Eastern Iron to enter into a strategic partnership agreement within three months of execution of the MOU, for the establishment of a long-term strategic partnership for the supply of spodumene concentrates and the potential acquisition and development of lithium projects in Australia and in other countries, except China.
- Yahua and Eastern Iron to enter a joint venture (JV) for the acquisition and development of lithium projects in Australia and in other countries, except China. The JV will be established prior to Eastern Iron acquiring a lithium project or when the company completes an agreed amount of work on a lithium project.
- On completion of Eastern Iron’s acquisition of the Trigg Hill Lithium Tantalum project and the definition of an initial exploration target for it, the parties intend to establish a JV for the exploration and development of the project.
- Yahua will be granted a first right of refusal for product offtake from any of the JV projects including the Trigg Hill project.
Read the article online at: https://www.globalminingreview.com/exploration-development/09092021/eastern-iron-to-develop-lithium-projects-with-yahua/
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