Emerald Resources Signs Exclusivity Deal with MACA Mining; Shares Down 5%

Emerald Resources (ASX:EMR) signed an exclusivity agreement with MACA Mining to continue partnering as its contractor on current and future mine developments, according to a Tuesday filing with the Australian Securities Exchange.

The agreement covers a range of services, including load and haul, drill and blast, underground mining, crusher feed, tailings dam construction, and establishment works, and grants MACA a first right of refusal for new Emerald mine developments for a five-year period, the filing said.

MACA is also required to adhere to the company's operational, safety, and working procedures, according to the filing.

Emerald Resources shares fell 5% in late-morning trading Tuesday.

Price (AUD): $3.43, Change: $-0.19, Percent Change: -5.12%