Australia’s Middle Island Resources has agreed to buy the Majdanpek West copper and gold exploration project in eastern Serbia from Raiden Resources. The deal calls for a payment of A$300,000 in cash or shares, plus a 1% royalty tied to any future production.
The agreement covers an exploration project near Majdanpek, an established mining area in Serbia. The transaction would put Middle Island in charge of the project’s next stage of exploration once the purchase is complete.
Raiden to Receive A$300,000 Plus a Royalty
Under the agreement, Raiden Resources would receive A$300,000 in cash or shares. The seller would also retain a 1% net smelter return royalty.
The two terms cover different stages of the project. The A$300,000 is the purchase payment. The royalty would give Raiden a share of future metal sales revenue, after specified deductions, if the project reaches production.
What the Deal Means for Majdanpek West
The agreement concerns a project still at the exploration stage. At that stage, the work centers on determining where copper and gold may be present and whether the deposits warrant further study.
The deal adds a Serbian copper and gold prospect to Middle Island’s portfolio if the purchase closes. For Majdanpek West, the next milestone is the completion of the acquisition, with any decision on mine development dependent on further work.
