Details of the Frieda transaction and a Share Placement Agreement between PanAust and Highlands Pacific are outlined below and in PanAust's ASX announcement released today.
Frieda River Joint Venture
PanAust has entered into a share sale agreement with Glencore under which PanAust will acquire
Glencore's interest in the Frieda River joint venture by acquiring all of the shares held by Glencore in Xstrata
Frieda River Limited (XFRL).
PanAust and Highlands Frieda Limited (Highlands Frieda) have agreed that the two parties will hold interests of 80% and 20% respectively in the Frieda River joint venture on completion of PanAust's acquisition of the shares in XFRL and that any previous disagreement between XFRL and Highlands Frieda relating to earn