PERTH (miningweekly.com) – ASX-listed junior Highlands Pacific has announced its intention to transfer the management of the Star Mountain exploration project, in Papua New Guinea, to joint venture (JV) partner Anglo American after the company spent the required $25-million.
Under the JV agreement that was struck in 2015, Anglo American earned an initial 51% interest in the project by paying Highlands $10-million in cash and spending $25-million on exploration within the first four years of the JV.
Highlands CEO Craig Lennon told shareholders that he was pleased to see the exploration programme at Star Mountain proceeding as envisaged.
“We have an excellent relationship with Anglo American, and welcome its ongoing commitment to the exciting Star Mountain project. Exploration is advancing steadily and drilling results continue to suggest the tenements may host a large copper porphyry that could ultimately underpin a significant copper and gold mining project.”
The JV parties recently announced plans to extend the exploration campaign at Start Mountain to further drill test the tenements.
Anglo American has the right to earn an 80% interest in the project by completing a bankable feasibility study by 2030.