Falco moves closer to Horne 5 development with Glencore agreement in principle
Falco Resources (TSXV: FPC) and Glencore (LSE: GLEN) have signed an agreement in principle that paves the way for Falco to develop […]
Topics
Falco Resources (TSXV: FPC) and
Glencore (LSE: GLEN) have signed an agreement in principle that paves the way for Falco to develop its Horne 5 project in Quebec.
The agreement in principle outlines the terms that will be in a finalized operating licence and agreement (OLIA) expected in the third quarter. Those include the establishment of a joint technical and strategic committee to collaborate on development of Horne 5; rights of access, use and transformation rights in favour of Falco; and financial assurances and indemnification to cover risks to Glencore's Horne smelting operations, located within 1 km of Horne 5. Glencore will also have the right to appoint one representative to Falco's board.