Navajo Nation unit Navajo Transitional Energy Company (NTEC) will take over the operational development of Big Sandy, managing everything from permitting requirements through to definitive feasibility study and mine construction, under the terms of the deal, Arizona Lithium said.
NTEC Managing Director Vern Lund would be appointed to Arizona Lithium’s board if a definitive agreement is signed.
By meeting certain mining development milestones at Big Sandy, NTEC could also become a substantial shareholder in Arizona Lithium, the Australian company said.
“NTEC would be entitled to the issue of up to 192 million AZL shares at a notional price of 12 (Australian) cents per AZL share together with an attaching option,” the company said.
(By Savyata Mishra; Editing by Subhranshu Sahu)
