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Johannesburg - First Uranium Corporation [JSE:FUM] announced on Monday that it has entered into an agreement with Vulisango Holdings, a black economic empowerment (BEE) company.
The agreement includes assisting the company in complying with the Mineral and Petroleum Resources Development Act, and assisting and giving guidance with regard to its policies in accordance with the Mining Charter.
Vulisango will receive a monthly fee of R400 000 ($55 200).
The agreement has an indefinite term, but may be terminated by agreement between the parties on a change of control of First Uranium, or in the event of a material breach of the agreement by the non-defaulting party.
In addition to securing Vulisango's services under the management agreement, the company will continue to work with Vulisango in considering options to improve its BEE credentials after the disposal by Village Main Reef of 19.79% of its 25.5% shareholding in First Uranium to AngloGold Ashanti, as announced in a news release on July 22 2011.
The agreement includes assisting the company in complying with the Mineral and Petroleum Resources Development Act, and assisting and giving guidance with regard to its policies in accordance with the Mining Charter.
Vulisango will receive a monthly fee of R400 000 ($55 200).
The agreement has an indefinite term, but may be terminated by agreement between the parties on a change of control of First Uranium, or in the event of a material breach of the agreement by the non-defaulting party.
In addition to securing Vulisango's services under the management agreement, the company will continue to work with Vulisango in considering options to improve its BEE credentials after the disposal by Village Main Reef of 19.79% of its 25.5% shareholding in First Uranium to AngloGold Ashanti, as announced in a news release on July 22 2011.
