Montezuma to acquire 12% of Auvex

Metals explorer Montezuma Mining will acquire around 12 per cent of West Perth based Auvex Metals, in a deal that will see Montezuma sell its manganese rights over Mt Padbury to the company.

Montezuma will receive 10 million ordinary shares in Auvex, upon its planned listing, along with a royalty of $2 per metric tonne of manganese produced.

The company will also hold the right to appoint one director to the Auvex board, with shareholders holding the priority to Auvex shares after its initial public offering is announced.