Teck to earn back stake in Argentina project
PERTH (miningweekly.com) - Diversified Canadian miner Teck Resources was looking to earn back a 60% shareholding in the Las Openas gold/silver/zinc project, in Argentina, from ASX-listed Genesis Minerals.
Genesis told shareholders on Wednesday that Teck’s subsidiary Teck Argentina had delivered notice that it would earn back its shareholding in the Las Openas project, after Genesis took full ownership of the project in December last year.
Under the terms of the pre-emptive back-in right, Teck could earn its 60% shareholding in the project by spending $1.2-million. Teck was planning to advance exploration at Las Openas in the coming months by targeting large mineralised systems highlighted by Genesis.
Genesis MD Michael Fowler said on Wednesday that Teck’s decision to earn back into the Las Openas project was “extremely positive”, and validated the company’s belief in the project and its geological potential.
“The fact that Canada’s largest diversified mining company has elected to become the operator of and invest in further exploration at Las Openas is a huge vote of confidence in the project,” said Fowler.
During a November drilling campaign, Genesis discovered wide zones of gold mineralisation with associated silver, lead and zinc. The results from this programme supported Genesis’ belief that Las Openas had the potential to host a multimillion-ounce gold deposit, in a large epithermal system, said Fowler.
“The belief can be further tested with the help of Teck’s immense knowledge and experience,” he added.
On the completion of the earn-back, a joint venture company would be formed to explore, and if warranted, develop the Las Openas project.
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