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Last A$0.01 AUD
Change Today 0.00 / 0.00%
Volume 810.0K
As of 8:02 PM 03/29/15 All times are local (Market data is delayed by at least 15 minutes).

imx resources ltd (IXR) Snapshot

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05/30/14 - A$0.05
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imx resources ltd (IXR) Details

IMX Resources Limited engages in prospecting, exploring, extracting, and producing minerals principally in Australia, Tanzania, and Canada. The company primarily explores for graphite, nickel, gold, and copper deposits. Its principal property includes the Nachingwea Property comprising a land package of 6.800 square kilometers located in south-eastern Tanzania. The company is based in West Perth, Australia.

imx resources ltd (IXR) Top Compensated Officers

Chief Executive Officer and Chief Financial O...
Total Annual Compensation: A$296.2K
General Manager of Commercial and Company Sec...
Total Annual Compensation: A$225.4K
General Manager of Exploration
Total Annual Compensation: A$366.2K
Executive Director of Exploration and Executi...
Total Annual Compensation: A$49.0K
Compensation as of Fiscal Year 2014.

imx resources ltd (IXR) Key Developments

IMX Resources Limited Agrees Revised Joint Venture Terms with Loricatus Resource Investments

IMX Resources Limited announced that it has agreed revised terms to the previously announced joint venture with Loricatus Resource Investments (Fig Tree) covering its Ntaka Hill Nickel Project in south-east Tanzania, following the successful completion of due diligence by Fig Tree. The revised transaction structure incorporates an increase in the overall cash payments to USD 6 million (previously USD 5.88 million), but with revised payment terms that include an upfront payment of USD 2 million upon receipt of key regulatory approvals and USD 4 million payable following successful completion of additional geotechnical studies. Fig Tree has advised IMX that, aside from the specifically proposed geotechnical work, all other aspects of the due diligence process have been completed to its satisfaction. The comprehensive geotechnical program, which is to be sole funded by Fig Tree, is designed to provide geotechnical parameters that characterise the rock conditions in the proposed high-grade underground mining section of Ntaka Hill and demonstrate that these rock conditions will support the economic extraction of the underground resources by open-stoping underground mining techniques without paste-fill. Under the revised terms, Fig Tree will acquire a 70.65% stake in Ntaka Hill from the IMX-managed Nachingwea JV between IMX (85%) and MMG Limited (15%) for consideration of USD 6 million in cash (previously USD 5.88 million). The consideration is payable in stages as follows: An upfront cash payment of USD 2 million, comprising: An Upfront Consideration Prepayment Facility of USD 300,000, payable immediately upon receipt of the Retention Licence, which is expected on or before 6 April 2015; and the balance paid following satisfaction of other conditions including the receipt of approval from the Tanzania Fair Competition Commission (FCC) and the Retention Licence. FCC approval is expected in early April and is expected to be the last outstanding condition at that point in time. During the geotechnical study (which must occur as soon as possible and is expected to be completed within approximately five months), the provision of a USD 750,000 Deferred Consideration Prepayment Facility available for IMX to drawdown at its election at the rate of USD 150,000 per month, secured against IMX’s interest in the joint venture company. Depending on the outcome of the geotechnical study, either: Upon a positive geotechnical outcome, a final payment of USD 4 million, less the balance of the Deferred Consideration Prepayment Facility. The other key terms of the joint venture agreement remain as previously announced; or Upon a negative geotechnical outcome Fig Tree will hold a 30% interest in the joint venture company and the Deferred Consideration Prepayment Facility will be repayable by IMX within 90 days.

IMX Resources Provides an Update on its Chilalo Graphite Project in South-Eastern Tanzania

IMX Resources provided an update on its Chilalo Graphite Project in south-eastern Tanzania, with work continuing on the rapid assessment of project development options in order to enable fast-tracking of project development. The preliminary findings of a high-level study being undertaken by processing engineering consultancy group BatteryLimits Pty Ltd. have returned very encouraging results. The study, which commenced last month as part of IMX's plans to rapidly advance the project following the success of its 2014 drilling campaign, has found that subject to certain assumptions about the metallurgical properties of the Chilalo material and the Mineral Resource, Chilalo has the potential to be a successful graphite mining operation. This conclusion was based on a high-level examination of key project parameters including mining, metallurgy, processing, community, environment, infrastructure and logistics at different production capacities. The study is focused on a smaller-scale development at Chilalo, in the 25-50,000tpa production range. The company believes that a project of this size would have a number of advantages over a larger scale development, including a lower capital cost, a more rapid timeline to production, and increased ability to raise project finance. This scale of project is also less likely to disrupt the graphite market, therefore representing a lower risk pathway to production. The company's rapid assessment of the Chilalo Graphite Project to date has benefited directly from advice provided by IMX's technical consultant, a graphite specialist with many years' experience in the graphite industry. IMX first engaged its technical consultant several months ago, and his input has supported the company's marketing efforts, metallurgical optimisation and other key technical aspects of the project. The key technical assumptions in the high-level study, the metallurgical characteristics of the ore and the initial Mineral Resource, will be addressed by the work currently underway. Both the metallurgical testwork results and maiden Mineral Resource estimate are due to be completed and announced later this month.

IMX Resources Appoints Phil Hoskins as Chief Executive Officer

IMX Resources announced that it has appointed Phil Hoskins as the company's Chief Executive Officer. He has held the role of Acting CEO since September last year. Mr. Hoskins has steered the company through some important recent changes, including the divestment of its Australian iron ore assets and its repositioning as an emerging exploration company focused on its Nachingwea Property in Tanzania.


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