Montreal-listed Ressources Robex has signed an agreement with privately owned Caribbean Mines to earn a 50% interest in a micronized calcium carbonate project east of Havana, Cuba.
Micronized calcium carbonate is used mainly as a filler and extender in the paper, paint, plastic and rubber markets.
Robex replaces Caribbean in its agreement with Cimtec S.A., a Cuban company that owns 100% of the Coco Peredo calcium carbonate mine. The mine, which has been in operation for 20 years, annually produces 70,000-120,000 tonnes of calcium carbonate No. 8 (crushed to 6 inches) and about 5,000 to 6,000 tonnes ground to 40 microns for the domestic market.
Reserves at the mine are 20 million tonnes of high-purity calcium carbonate (99.9% CaC03) which also has a high brightness factor.
Robex plans to form a 50-50 joint venture with Cimtec with the aim of constructing a micronization plant with an initial annual capacity of 200,000 tonnes of calcium carbonate.
To earn its interest, Robex must complete a feasibility study at an estimated cost of $200,000 by March 18, 1995. Should the feasibility study prove positive, Robex will be responsible for raising the required capital for plant construction, which is estimated at $5 million.
Robex must also pay Caribbean $100,000 and issue 100,000 Robex shares upon completion of the financing.
Caribbean will also receive a royalty of $3 per tonne of calcium carbonate produced for a minimum of 5 years.
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