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Black Mountain secures 51% farm-in partner for Busumbu phosphate project

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Black Mountain secures 51% farm-in partner for Busumbu phosphate project

North Atlantic Mining Associates Ltd. unit African Minerals Ventures Ltd. secured a 51% earn-in right for the Busumbu phosphate project in Uganda from Black Mountain Resources Ltd. and Namekara Mining Co.

The company will be required to spend US$3 million on the project over three years, while Black Mountain retains a 24% free-carried interest.

As part of its recent restructuring, Black Mountain, which will be renamed Hipo Resources Ltd., retained a 75% earn-in right for Busumbu and sold its interest in the Namekara vermiculite mine in Uganda in exchange for the retirement of about A$5.5 million of debt.

African Minerals is also required to take the project into commercial production within two years after the initial three-year earn-in period. Black Mountain said June 15 that it is also in advanced negotiations with two exploration partners for copper and rare earths.