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Globex increases interest in Timmins talc-magnesite project

Globex Mining Enterprises Inc. (TSX:GMX) has increased the ownership interest in its Timmins Talc-Magnesite project, located 11 kilometres south of Timmins from 75 per cent to 90 per cent. Previously, Globex was to complete $1.
Northern Ontario Business Staff

Globex Mining Enterprises Inc. (TSX:GMX) has increased the ownership interest in its Timmins Talc-Magnesite project, located 11 kilometres south of Timmins from 75 per cent to 90 per cent.

Previously, Globex was to complete $1.5 million in property-related expenditures after which Drinkard Metalox (TSX: DMI) was to bring the project to a bankable feasibility study.

Having met those spending commitments, Globex has renegotiated the agreement to cover all spending to the point where the project will be spun off into a separate publicly traded entity. Timing on this move is as yet undetermined and will depend on factors such as the economic viability of the project, permitting and financing.

Talc is widely used in the paper, plastics, paint, rubber, ceramics and pharmaceutical industries, and can be used in asphalt roofing compounds, or as a food additive, among others. Magnesium oxide can be used as a refractory material in furnace linings for producing iron and steel or in the insulation of heating elements.