Thackaringa Joint Venture Update
Sydney, Nov 6, 2018 AEST (ABN Newswire) - Cobalt Blue Holdings Limited (
ASX:COB) (CBHHF:OTCMKTS) refers to the announcement by its joint venture partner Broken Hill Prospecting Limited (ASX:BPL) dated 30 October 2018 acknowledging receipt by BPL of a notice from COB "advising of COB's election to not exercise its rights to earn the Stage 3 Percentage Share under the TJV" and the announcement dated 2 November 2018 referring to material presented to it by COB "for consideration to (sic) the Thackaringa Joint Venture (TJV)".
On 24 October 2018 the Secretary of the TJV Management Committee (TJVMC) gave 15 days written notice to the COB and BPL representatives on the TJVMC and provided to them a full meeting pack disclosing the nature of the business to be considered at the meeting convened for Friday 9 November 2018. The business to be considered at this meeting includes resolutions consequent upon COB's decision not to proceed to earn the Stage 3 Percentage Share under the TJV.
When the drilling program now being undertaken at Thackaringa (see COB market release 1 November 2018) was unanimously approved by the TJVMC on 28 August 2018, the resolution included the words "COB and BPL acknowledge and agree that the Drilling Campaign will be amended as required as the program progresses and develops".
Clause 7.5(c) of the TJV Agreement mandates that the Joint Venturer holding the largest Joint Venture Interest must act as Interim Manager until a new Manager is appointed. As the 70% Joint Venture Interest holder, COB will continue to perform the duties of Manager for the TJV and to supervise the Joint Venture activities and Drilling Campaign currently being undertaken at Thackaringa.
About Cobalt Blue Holdings Limited
Cobalt Blue Holdings Ltd (ASX:COB) (FRA:COH) (OTCMKTS:CBBHF) has a strategic approach that positions us to be among the first wave of new entrants into the allied battery materials supply chain. We are committed to playing a leading role in securing a stable and sustainable future for critical minerals.
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