Legacy Iron Ore (ASX:LCY) executed a binding "right to mine" agreement with Bain Global Resources for mining operations at the Mt. Celia gold project in Western Australia, according to a Monday Australian bourse filing.
Bain Global Resources will fund all the mining activities up to AU$10 million under a deferred payment model. It will prepare and transport the stockpiles of ore to the mill and receive a fixed monthly payment of AU$300,000 after the first three months of operations until the project reaches breakeven.
The remaining surplus after Legacy's fixed payment will be allocated to Bain Global until it recovers its initial investment.
Net profits from mining activities will be shared between Legacy and Bain Global in a 75-to-25 ratio until Legacy recovers AU$20 million in profit. On reaching that milestone, net profits will be distributed equally between the two firms.
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