South32 to partner with Trilogy Metals for Upper Kobuk Mineral Projects
2019-12-20 15:29:17 [Print]
On December 20, Australian miner South32 Ltd. and Canadian base metal explorer Trilogy Metals Inc announced that they will become equal partners in a joint venture that will own and operate the Upper Kobuk Mineral Projects ("UKMP") located in northwest Alaska.
South32 said it has exercised its option to acquire a 50% stake in the joint venture company that will own Upper Kobuk Mineral Projects.
South32 said the move follows a successful exploration partnership with Trilogy Metals and will help expand its portfolio in North America by adding high-quality copper and base metals development options.
The joint venture will retain $87.5 million of the $145 million subscription payment to fund exploration plans. The rest will be loaned back to South32, which will be repaid in installments.
The UKMP is located in the Ambler Mining District in Alaska and includes the high grade, polymetallic Arctic deposit, the Bornite copper deposit and a highly prospective regional exploration portfolio.
South32 said it has exercised its option to acquire a 50% stake in the joint venture company that will own Upper Kobuk Mineral Projects.
South32 said the move follows a successful exploration partnership with Trilogy Metals and will help expand its portfolio in North America by adding high-quality copper and base metals development options.
The joint venture will retain $87.5 million of the $145 million subscription payment to fund exploration plans. The rest will be loaned back to South32, which will be repaid in installments.
The UKMP is located in the Ambler Mining District in Alaska and includes the high grade, polymetallic Arctic deposit, the Bornite copper deposit and a highly prospective regional exploration portfolio.
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