QX has a farm in agreement with African Minerals Ventures Ltd (“AMV” – a 100% owned subsidiary of North Atlantic Mining Associates Ltd (“NAMA”) whereby AMV will earn 51% of the Busumbu Phosphate Project (“project”) by spending US$3m over 3 years. QX retains a 24% free carried interest in the Project for the first US$3m spent by AMV.  

The Project is located less than 30km from the Sukulu Phosphate Project, where a Chinese firm, The 23rd Metallurgical Construction Group Co Ltd started construction in 2014 of a US$620M phosphate mine and integrated fertiliser facility, rare earths project and power station.