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Novo signs interesting gold JV with Sumitomo

Novo Resources has attracted Sumitomo Corp to explore its Egina gold project near Port Hedland in Western Australia with an unusual-looking joint venture that ultimately sees the Japanese company able to earn a 40% stake by spending up to US$30 million over three years.

Michael Quinn
Sumitomo in JV with Novo Resources in Pilbara, Western Australia

Sumitomo in JV with Novo Resources in Pilbara, Western Australia

Sumitomo must spend a "minimum of $5 million per phase defined by a program and budget". However, the unusual part of the deal relates to any future decision by Sumitomo to discontinue with the venture....

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