Canadian miner Agnico Eagle on Tuesday announced a 50:50 exploration joint venture (JV) in Colombia with the world’s largest gold miner, Newmont.
The JV will explore the Anza project, in which Newmont has earn-in rights, and will seek other prospective gold targets of district-scale potential in Colombia.
"Agnico Eagle has been actively looking at Colombia for some time, and this low-cost entry is consistent with our exploration strategy and existing investment in Royal Road Minerals,” said Agnico- Eagle senior VP exploration Guy Gosselin.
The Anza project is a gold exploration project, comprising exploration contracts and applications totalling 200 km2 located in the Mid-Cauca belt. The project is 50 km west of Medellin and 60 km south from Zijin Mining's Buritica operation.
Agnico Eagle will sole fund the JV until expenditures equal Newmont's previous investment in the Anza project, about 2.9-million, which should be achieved in the next 12 months. Thereafter, the parties will continue funding on a 50:50 basis.
Newmont entered into an earn-in agreement with Orosur in September 2018, giving the company an option to earn up to a 75% interest in the project.