Rex Minerals signs letter of intent with Nittetsu Mining

Rex Minerals Ltd (ASX: $RXM) has signed a non-binding Letter of Intent (LOI) with Nittetsu Mining Co. Ltd. to establish a Joint Venture for the Company's Hillside Copper-Gold Project. The Joint Venture aims to combine the skills and resources of both companies to finance, develop, and operate the Project.

Executive commentary on the joint venture

Nittetsu holds corporate values and objectives that complement Rex's ambition to fund and develop Hillside. In addition to its interest in IOCG deposits, Nittetsu has a long history in mining and operating the largest limestone mine in Japan. We are excited to be working with a company that brings so much to the table.

Summary of the letter of intent with Nittetsu Mining

Rex Minerals has executed a non-binding Letter of Intent with Nittetsu Mining Co. Ltd. to establish a Joint Venture for the Hillside Copper-Gold Project. The Joint Venture aims to combine the skills and resources of both companies to finance, develop, and operate the Project. Nittetsu can initially acquire a 15% participating interest in the Project, with an option to increase its investment up to 45% in the future. The capital expenditure for the development of Stage 1 of the Project is estimated to be A$854 million. Nittetsu, a Japanese corporation established in 1939, has extensive mining and exploration expertise in IOCG deposits. The Hillside Project is expected to provide employment for over 500 people during construction and over 400 during operations, contributing over A$200M in state royalties. Key approvals are in place to allow commencement of development and operations.