Oz abandons Jamaica plans
PERTH (miningweekly.com) – Metals miner Oz Minerals has withdrawn from its Jamaica joint venture (JV), transferring its interest in the exploration assets to Canada-based Carube Copper Corporation.
“After a comprehensive review of exploration results, we determined that while copper porphyry style mineralisation was identified at multiple prospects, the drill intersected grades weren’t indicative of the types of deposits we are looking for,” Oz Minerals CEO Andrew Cole said on Thursday.
“Capital discipline is a core part of our strategy and while the Jamaican exploration programmes were completed on time and budget, we decided not to invest further in the programme.”
Oz Minerals has earned a 70% interest in the tenements making up the Bellas Gate JV, and is earning an initial 40% interest in the Rodinia JV. Following the withdrawal, Oz could receive up to A$14-million in cash payments, and a 2% royalty in the event that Carube started commercial production at the assets.
Cole said that Oz Minerals was committed to building a pipeline of opportunities and rigorously progressing these projects.
“If at any time it is determined that a project does not meet target objectives, we will cease expenditure and withdraw from the arrangement.”
He noted that the company would continue to carry out due diligence on exploration projects, as well as established projects, with the company maintaining its 2016 exploration guidance of between A$10-million and A$15-million.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation