Australian mining company Segue Resources has revised its sales agreement terms pertaining Emang manganese project with its joint venture partner Emang Mmogo Mining Resources.
As per the new terms, Emang Mmogo will acquire 30% stake in the project in South Africa by making a total payment of SAR19.8m ($2.13m) in a single transaction after securing Segue shareholders’ approval.
A shareholder meeting aimed at approval of Emang manganese project stake sale is scheduled on 24 July 2013.
However, according to the earlier terms, Emang Mmogo was expected to pay SAR22m ($2.17m) for the proposed stakes in the South African project.
Segue Resources, meanwhile, is keen to repay its outstanding loan facilities of $825,000 using the proceeds from the transaction.
Following the transaction, Segue’s assets comprise 100% ownership in four exploration licences in the Pardoo region of Western Australia, a 12% interest in White Eagle Resources, and about $1.3m in cash.