Mineral Commodities has executed a non-binding term sheet to settle its dispute with joint venture partner Gold Terrace and will acquire the remaining 49% stake in the Munglinup Graphite Project.
The transaction will make Mineral Commodities the 100% owner of the Munglinup Graphite Project.
The total consideration for the 49% interest is set at $7.5 million, payable in three tranches.
"The Munglinup transaction is a very significant milestone in the company's transition to focus exclusively on graphite projects," said CEO Scott Lowe.
Completion requires standard regulatory approvals such as Foreign Investment Review Board approval and ministerial consent.