New Partner Pays $1.7M For Stratex Copper Mining Stake

Law360, New York (December 12, 2011, 6:52 PM EST) -- Precious metal exploration company Stratex International PLC has agreed to sell a 51 percent ownership of its 13,000-foot copper and gold mining project in the village of Muratdere, Turkey, to a new unnamed Turkish partner for $1.7 million, Stratex said Monday.

The new joint venture will allow the investor — an undisclosed financial institution and investment company referred to as “InvestCo” — to increase its stake up to 61 percent for $500,000 or to 70 percent by funding a feasibility study.

The agreement, which replaces a...
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