Kasbah Resources announced that it has signed a shareholders agreement with two Japanese companies to develop and operate the Achmmach mine project in Morocco. The shareholders agreement follows on from a previously signed memorandum of understanding with Toyota Tsusho Corporation (TTC) and Nittetsu Mining Co (NMC). Under the agreement, Kasbah subsidiary Atlas Tin SAS will be owned 75% by Kasbah, 20% by TTC and 5% by NMC. NMC has already made full payment for its stake, while Toyota has one final staged payment to make by end-June, at which point the agreement will commence and become binding.
“The signing of the shareholders agreement with our Japanese partners is the most critical step in formalising our strategic relationship, cementing the commitment of all parties to develop the Achmmach tin project,” Kasbah chairman Rod Marston said.
A Definitive Feasibility Study on the project was released at the end of March for an underground mine producing 5,300 tpy of tin-in-concentrate over a nine year life, starting up in the second quarter of 2016.