https://www.miningweekly.com

Platypus withdraws from Peru

8th January 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Minerals explorer Platypus Minerals has terminated its earn-in over a copper exploration project in Peru, with the company saying on Friday that the decision formed part of a review of all its exploration projects.

The termination of the earn-in contract followed shortly on Platypus abandoning the San Damian project concession, also in Peru, in October, and the company divesting a greenfield exploration licence, in Western Australia, in November.

Platypus subsidiary Platypus Resources held a 15% interest in the owner of the copper/porphyry project, which it had earned over the preceding two-and-a-half years by paying about A$1-million to the vendors.

The company told shareholders on Friday that for Platypus to further maintain or increase its interest, the subsidiary would have to make additional payments of A$1.56-million over the next four years, and provide exploration funds of $3-million over the next three years.

Given the present market conditions, Platypus considered this commitment to be high risk, and too large a burden on the company, especially given the company’s inability to attract sufficient investor support to raise an earmarked A$1.5-million to A$2-million in the previous two years, to start a meaningful exploration campaign in Peru.

Platypus has relinquished its 15% interest in the project owner back to the vendors.

Edited by Creamer Media Reporter

Comments

Showroom

John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.323 0.363s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: