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.
