Altus Strategies PLC signed a nonbinding term sheet with Glomin Services Ltd. for a joint venture on the former's Lakanfla and Tabakarole gold projects in western and southern Mali.
Glomin can earn up to an initial 80% interest in project holder Legend Mali (BVI) II Inc. in three initial stages upon signing a definitive agreement.
Altus will receive up to US$1.5 million in milestone cash payments and retain a 2.5% net smelter return royalty in the project, it said Aug. 22.
Altus will operate the joint venture during the first stage at costs plus 10% basis.
The company's nonbinding term sheet it signed in February with Indiana Resources Ltd. for the farm-in and joint venture of Lakanfla and Tabakarole expired in mid-June.
