Rocmec Mining Inc. (TSXV:RMI) entered into an exclusive distribution agreement with MaXem Equipment of South Africa for the distribution and usage of its patented Thermal Fragmentation mining method. Under the agreement, MaXem is granted exclusive rights for the distribution, deployment and usage of Rocmec’s patented Thermal Fragmentation mining method in the Southern portion of Africa.
As quoted in the press release:
Highlights of the agreement include the granting of the exclusive rights to MaXem for the distribution, deployment and usage of the Corporation’s exclusive and patented Thermal Fragmentation mining method in the Southern portion of Africa, a 50/50 sharing of net profits from Thermal Fragmentation contracts carried out by MaXem and a close working relationship for the continued development and promotion of the technology.
Rocmec Mining Inc. President and CEO. André Savard, said:
Over the past few years we have developed a very close relationship with MaXem and are delighted with the agreement. Since the beginning, they have demonstrated a keen interest in our technology and it’s broad potential. South Africa is a major market for our technology and the agreement with MaXem is a major milestone in the implementation of our overall distribution strategy for the technology.