A wholly owned subsidiary of Hancock Prospecting Pty Ltd (HPPL), Minerals Australia Pty Ltd (MAPL) entered into a Joint Venture Agreement with a company owned by former group executives of Rio Tinto / CRA, forming the Jacaranda Alliance Joint Venture to explore for minerals and petroleum in Australia, Papua New Guinea, New Zealand and South East Asia.
Jacaranda Minerals was established with the purpose of exploring for new mineral deposits drawing on the extensive knowledge and experience of those involved in the partnership.
The two principal shareholders of JML are John Collier and John Innes both of whom spent most of their working lives in senior executive roles with Rio Tinto Limited and its Australian arm, CRA Limited. The other shareholders are Bill Fraser, a geologist with extensive experience throughout Australia and John Calder, a lawyer by profession and another to have spent most of his working career with CRA.
Under the terms of the 50/50 Joint Venture, Hancock as the JV Manager will progress exploration and evaluation work on mineral and petroleum prospects which so far include prospects in Uranium, Molybdenum, Lead / Zinc, Gold, Diamonds and Petroleum.
This is an exciting initiative that the parties are confident will result in further exploration success in Australia.