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Maritana Minerals Says Encore Minerals Made 'Positive' Final Investment Decision for Western Australia Project

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Maritana Minerals (ASX:MRT) said Encore Minerals notified the company's Poseidon Nickel subsidiary that the Encore board has made a "positive" final investment decision (FID) for the Windarra Tailings Project in Western Australia, according to a Tuesday filing with the Australian bourse.

Encore exercised its option to proceed to the development period under an agreement with Mining and Process Solutions, Encore Resources and Poseidon Nickel, and provided Poseidon with an updated definitive feasibility study for the project, the filing said.

The positive FID triggered a non-refundable AU$400,000 cash payment to Poseidon for the secondary development period, bringing total staged milestone cash components to AU$1.3 million.

Additionally, the company is entitled to a 3% net smelter return royalty on production from the project, per the filing.

Maritana Minerals rose nearly 1% in morning trade Tuesday.

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