Joint venture partners Sandfire Resources and Talisman Mining are extending the execution of their deal for the Springfield copper-gold project by another week.
The companies last month agreed to Sandfire acquiring Talisman’s 30 per cent stake in the project in the Doolgunna region of Western Australia for $72 million.
It is reported that both parties have made significant progress in completing the required transaction documents, and are looking forward to completing remaining key conditions to the proposed transaction.
Initially the transaction documents were scheduled for completion on July 7.
Sandfire secured the deal to consolidate its landholdings in the Doolgunna region, as the copper-gold producer was in a relentless search for new ore sources to feed its DeGrussa copper-gold mine’s processing plant.
Part of the deal includes Talisman Mining’s Monty project, where its ore will feed Sandfire’s DeGrussa plant.
The Monty project is claimed to be one of the world’s highest-grade copper-gold discoveries in recent decades, according to its feasibility study last year.
Further to the agreement, the deal will see Sandfire receive 27 per cent interest in Talisman’s smaller Halloween West tenement, which hosts the high-grade DeGrussa copper-gold deposit.
Talisman is expected to hold a shareholders meeting six to eight weeks following the effectual completion of the share sale agreement and royalty agreement, which is now set to finalise on July 14.