Monument Mining has signed a Deed of Variation Agreement with Intec International Projects to the January 2015 Heads of Agreement (HOA) to exploit the Intec Technology for their sulphide copper process. Monument is assessing utilising the technology at the Mengapur project in Malaysia.
While Intec has not been chosen as the most suitable treatment for treatment of Selinsing/Buffalo Reef sulphide ore in Malaysia due to their certain characteristics, the test work going forward with Intec will be focused on production of very close to London Metal Exchange grade copper metal at Mengapur.
Monument will review the Intec related technical information to design their testing programs.
The commercial objective of the test work is to produce copper metal in-country at the Mengapur site. Malaysia is a net importer of copper metal to feed its copper metal products manufacturing and fabrication industries.
The assessment will entail confirmation test work programs using copper ore feed from Mengapur and pilot plant programs using Intec. The technology has successfully produced copper and other base metals for more than seven years in Tasmania, Australia by treating waste dumps as a commercial project.
The variation sees the term of the interim Intec licence granted to Monument being extended to January 16, 2022 from January 17, 2017, during which, Monument at its discretion will decide when to commence the Intec test work.
The test work comprises three stages - pilot plant testing, pre-commercial testing and trial commercial plant testing.
Both parties agree to enter into a formal licence agreement before commencement of the pre-commercial testing stage.
By signing this agreement, Monument has released 7 million fully paid common shares from escrow to Intec. Upon completion of each of the three phases, Intec would earn 25%, 25% and 50% of the remaining 7 million escrow shares accordingly.
Monument is a Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is advancing several exploration and development projects including the Mengapur Polymetallic Project, in Pahang State of Malaysia, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia.