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Rox to off-load 11% stake in Bonya JV under restructuring with Arafura

Rox Resources Ltd. and Arafura Resources Ltd. restructured their Bonya polymetallic joint venture in Australia's Northern Territory to simplify current arrangements between both parties, according to a March 19 release.

Rox earned a 51% stake in copper, lead, zinc, gold, bismuth and platinum group metals on the joint venture, while Arafura retained 48% of these minerals plus other minerals, including the highly prospective tungsten and molybdenum mineralization.

The restructuring will see Rox divest its 11% stake to Arafura, while the latter will transfer its 40% stake in other minerals to Rox.

Each party will then own an interest in all of the minerals. Rox will have a 40% interest in the joint venture and Arafura will have 60%.

Rox will continue to be the operator of the joint venture.