RE:RE:RE:RE:RE:RE:RE:RE:RE:Exploration Licences ExpirationCalabrese, I also believe RT is envolved in some sort of a deal with EV, and the hold up might be coming from RT, as they do more testing on the new mineral Jaderite. Read EV's news release describing the multi-billion dollar a year company that took the 200 ton bulk sample. There are only a few companies in the world that fit that description, and Rio is one of them. How many companies would agree to take a bulk sample from a different location (Pobrdje) , unless they themselves had done work in the area previously. Take a look at Erin's past presentations and at the bottom of the pages you will see the source RIO TINTO. Erin has hired some of RIO's personel from time to time. Companies like BHP, VALE and other large multi nationals don't have boron operations! Only companies to fit this description would be RT, ETI, Quiborax, Inkabor
Due to the sensitive nature of the boron industry, the parties believe that it is not in the best interest of a future alliance to reveal the name the potential partner at this point in time.
Erin considers this prospective partner to be of strategic importance because of its ability and willingness to provide Erin with capital required to develop the mine, it has extensive boric acid production and marketing experience, and it has a well-established market share for boron products from Piskanja (as it is both a leading consumer and a major wholesaler of boron and boron derivatives in one of the world's largest and fastest growing boron markets).
Specifically, this potential partner is a multi-billion dollar per year importer/exporter of numerous minerals, as well as being well established and respected as one of the largest operators/distributers of boron products in their region. Its extensive boron-specific infrastructure includes boric acid production factories, the largest domestic boron logistics center (with bonded warehouse, logistics, and packing), boron-specific marketing, sales, and logistical teams, and a large, existing customer base.
This potential partner previously analysed and successfully tested a 200 tonne bulk sample of borate ore from the Pobrdje deposit in one of their boric acid production facilities in order to ascertain the suitability of this colemanite for use in the production of boric acid on a commercial scale (as reported October 31, 2012).
The Letter of Intent encompasses many parameters of the development and on-going operation of the Piskanja deposit, and envisions long-term cooperation and assistance in areas such as the financing of the mine development, establishment of a boric acid production facility in Serbia, global marketing and technical assistance, exclusive regional distribution rights, and a long-term boron purchase contract for a significant portion of the projected mining capacity. The letter of intent is non-binding. Completion of a binding agreement is dependent on further negotiation and formalization.
The sample was extracted from the Pobrdje boron mine (a small deposit located 2.5 km from Piskanja in the same sedimentary basin), as the potential partner is satisfied that the mineralogy and boron grades at Pobrdje are sufficiently similar to those at Piskanja to be representative and relevant. The sample material was analysed and tested in one of the prospective partner's boric acid production facilities in order to ascertain the suitability of this colemanite for the use in the production of boric acid on a commercial scale. Testing is now complete with the prospective partner reporting positive results that meet their expectations and requirements.
The parties are now entering into discussions regarding a potential commercial alliance, as the potential partner's due diligence nears completion. This prospective partner meets Erin's criteria for a strong strategic partner because of its ability to provide Erin with: the capital required to develop the mine; boron-specific technical and marketing expertise; and a ready market for boron products from Piskanja (as they are both a leading consumer and a major wholesaler of boron and boron derivatives in one of the world's largest and fastest growing boron markets).
So what has happened to their on going talks about a JV partnership?