Nickel miner Western Areas has sold two of its Forrestania tenements to fellow-listed Kidman Resources in exchange for A$6-million worth of shares.
In addition to the 11.11-million shares being issued to Western Areas, Kidman Resources would also pay a gross revenue royalty of 1.5% over any lithium mineral production from the acquired tenements, and in the event of an ore reserve being defined over the two tenements, Kidman will pay A$150/t to Western Areas for every contained tonne of lithium oxide classified as a Joint Ore Reserves Committee compliant reserve.
