Panoro partners with Jogmec in Peru
Copper explorer Panoro Minerals has a new joint venture partner in Peru, with Japan Oil, gas and Metals National Corporation (Jogmec) entering an agreement to earn up to 60% indirect interest in the Humamantata property, in Peru.
In terms of the option, Jogmec invest $8-million in the copper/gold property to earn its 60%. In the first three years of the agreement, the company could earn a 49% interest.
This is the second very early stage project that Panoro has financed this year. Earlier, it sold the Kusiorcco project to Hudbay and received cash payments and a 2% net smelter royalty.
“These two early stage projects complement the company’s two advanced stage projects; Cotabambas and Antilla, highlighting Panoro's unique pipeline of Peru-focused copper exploration and development projects,” said president and CEO Luquman Shaheen.
The project is located about 10 km to the south-west of Hudbay’s Constancia copper mine and the Kusiorcco project. The Humamantata property covers an area of 3 600 ha. The company completed exploration in 2014 and 2015.
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