27.02.2017
Deutsche Rohstoff AG DE000A0XYG76
DGAP-Adhoc: Deutsche Rohstoff AG: Tin International signs binding MoU to form a Joint Venture with Lithium Australia
DGAP-Ad-hoc: Deutsche Rohstoff AG / Key word(s): Joint Venture
Deutsche Rohstoff AG: Tin International signs binding MoU to form a Joint
Venture with Lithium Australia
27-Feb-2017 / 18:29 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR, transmitted by
DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Deutsche Rohstoff: Tin International signs binding MoU to form a Joint
Venture with Lithium Australia
Sadisdorf license will become the core asset of the new company
Mannheim/Leipzig. Tin International AG, 61.5% owned by Deutsche Rohstoff
AG, announced today that it has signed a binding Memorandum of
Understanding (MoU) to form a Joint Venture with Lithium Australia NL
(ASX:LIT). The company is listed on the Australian Stock Exchange and
develops processing technology that allows the economic extraction of
lithium from lithium mica bearing ore (so-called "Sileach(TM)-technology)
Lithium also holds a global portfolio of Lithium deposits.
The "Sadisdorf" deposit, located in Saxony, Germany will become the key
asset of the Joint Venture. Lithium Australia will receive the right to
earn 15% of the to be established company by spending a total of EUR
750,000 on exploration of "Sadisdorf" until the end of 2017. Alternatively
the company can elect to pay the outstanding amount in cash to Tin
International by year-end. By investment of a further EUR 1.25 million over
a 3-year period Lithium Australia has the right to further increase its
interest in the Joint Venture Company to 50%. After the completion of this
"earn-in" period, the partners equally bear the project development costs
or are diluted accordingly.
Upon closing of the final Joint Venture Agreement Tin International will
receive a one-time payment of EUR 200,000 in Lithium Australia shares and
EUR 50,000 in cash.
The Joint Venture will be managed by Lithium Australia and aims to extend
and upgrade the existing "Sadisdorf" JORC (2012) resource (3.36 Mt inferred
resource grading 0.44% Sn at a cutoff of 0.25% Sn) and to delineate a
lithium resource which is anticipated to be associated with the tin
mineralization. The management expects that the economic viability of the
"Sadisdorf" project can be improved substantially through this strategy.
Lithium is an important commodity especially in the manufacturing of
batteries and according to most analysts the demand for lithium will
increase significantly with the growing market for electric vehicles in the
coming years."
Thomas Gutschlag, CEO of Deutsche Rohstoff, comments: "We are pleased with
the signed MoU. Lithium Australia brings a wealth of processing technology
and knowledge that will potentially enable the extraction of lithium as by-
product from the tin production and will make Sadisdorf an economically
viable project."
Adrian Griffin, MD of LIT said: "Sadisdorf has mine openings, historic tin
production and a well identified lithium halo through and around the JORC
Resource. This is a great opportunity to establish a substantial lithium
resource to feed a Sileach(TM) processing facility in Europe."
Mannheim, 27th February 2017
Deutsche Rohstoff identifies, develops and divests attractive resource
projects in North America, Australia and Europe. The focus is on the
development of oil and gas opportunities within the United States. Metals,
such as gold, copper, rare earth elements, tungsten and tin complete our
portfolio. For more information please visit www.rohstoff.de.
Contact:
Deutsche Rohstoff AG
Thomas Gutschlag
Tel. +49 621 490 817 0
[email protected]
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Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: Deutsche Rohstoff AG
Q7, 24
68161 Mannheim
Germany
Phone: 0621 490 817 0
Fax: 0621 490 817 22
E-mail: [email protected]
Internet: www.rohstoff.de
ISIN: DE000A0XYG76, DE000A1R07G4,
WKN: A0XYG7, A1R07G
Indices: Entry Standard (Performance TOP 30)
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart, Tradegate Exchange; Open Market (Entry
Standard) in Frankfurt
End of Announcement DGAP News Service
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548049 27-Feb-2017 CET/CEST
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