Tuesday, 23rd November 2004 (2436 views)

An Australian mining firm and a South African jewellery firm have entered a joint agreement where each company has exploration rights in the others licensed areas.

Deccan Gold Mines and De Beers India will also be entitled to a five per cent share if exploration in their area reaches the mining stage.

The managing director of Deccan Gold Mines explained that Deccan Gold will be able to explore for gold in the De Beers areas, whilst De Beers can look for diamonds in Deccan's areas.

In addition, each firm will be entitled to a 15 per cent gross revenue royalty from any production obtained from the areas.

Exploration data will be shared between the two companies and there will be no restrictions on the marketing of gold or other minerals produced through the deal.

 

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