Irving Resources announced that further to its news release dated January 23, 2024 the Company has finalized a non-binding term sheet with Newmont Overseas Exploration (NEM) and Sumitomo Corporatio (SSUMY) for a proposed joint venture over the Yamagano and Noto properties. The Term Sheet provides the basis for a definitive joint venture agreement or similar governing agreement to be negotiated by the parties, which is expected to include an initial diamond drilling exploration program. The initial ownership interests in the joint venture company that will hold the Yamagano and Noto property interests will be 60% as to Newmont, 27.5% as to Irving, and 12.5% as to Sumitomo and Irving is the initial manager of the joint venture.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NEM:
- Newmont price target raised to $48 from $46.50 at Scotiabank
- Newmont Stock (NYSE:NEM): Set to Gain from a Gold Bull Market
- Newmont price target lowered to C$67 from C$68 at National Bank
- XME, PICK, COPX: Proposed Mining Mega Deal Bullish for These ETFs
- Newmont downgraded to Sector Perform from Outperform at National Bank