Aldoro Resources Ltd (ASX:ARN) has signed a memorandum of understanding with Hong Kong-based True Gains Limited to advance the development of its Niobe Rubidium and Lithium project in Western Australia.
The MoU also aims to use True Gains founder Hua Wang’s network to expedite the levy discussions.
Wang serves as chairman of the Nanjing-based Jeshing Group and his networks will be key in helping the company develop Niobe into Australia’s first and only rubidium mine.
Going forward, the MoU provides True Gains the flexibility to introduce joint venture (JV) development funds and partners for the Niobe project.
Accretive Aspects of Progress Value
The objective of the MoU is to advance the accretive aspects of the commercialization and development of the Niobe Project, including:
- Securing a suitable joint venture partner and/or strategic investor for the exploration and development stages.
- Presentation of the company and the Niobe project to potential buyers of lithium and rubidium extracted from the Niobe project.
Aldoro is an ASX-listed mining exploration and development company.
The company has a portfolio of lithium, rubidium and base metal projects, all located in Western Australia.
The Company’s flagship projects are the Wyemandoo lithium-rubidium-tungsten project and the Niobe lithium-rubidium-tantalum project.
Other projects include the Narndee Igneous Complex, which is promising for nickel-copper-PGE mineralization.