Star Minerals (ASX:SMS) signed a memorandum of understanding (MoU) with the Bain Group and MEGA Resources, a subsidiary of Indian mining contractor BGR Mining & Infra, to advance the Tumblegum South project in Western Australia, according to a Tuesday filing with the Australian bourse.
The MoU will involve collaboration on mining approvals, feasibility study inputs, working capital inputs, and profit share, the filing said.
The company is completing all environmental approvals to proceed with mining at the project, per the filing.
Star Minerals shares were down 3% in afternoon trade Tuesday.
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