OZ Minerals to earn 75% stake in Benmara Cu-Co Project
2022-05-17 14:13:09 [Print]
Australia-based OZ Minerals has agreed to earn a 75% interest in the Benmara Cu-Co Project in the Northern Territory, Australia, from Xavier Resources, a subsidiary of Resolution Minerals.
Under the multi-year farm-in and joint venture (JV) agreement, OZ Minerals will carry out exploration activities of $1 million over an initial two-year period and an additional $3 million expenditure over a three-year period to earn a 51% stake in the Benmara project.
Following the acquisition of a 51% stake in the project, a JV agreement is expected to be executed.
OZ Minerals can earn a 75% interest in the Benmara Project by spending at least $1 million annually over a further period of five years to positive financial investment decision.
Under the multi-year farm-in and joint venture (JV) agreement, OZ Minerals will carry out exploration activities of $1 million over an initial two-year period and an additional $3 million expenditure over a three-year period to earn a 51% stake in the Benmara project.
Following the acquisition of a 51% stake in the project, a JV agreement is expected to be executed.
OZ Minerals can earn a 75% interest in the Benmara Project by spending at least $1 million annually over a further period of five years to positive financial investment decision.
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