TORONTO (miningweekly.com) – Canadian base metals project developer Duluth Metals on Thursday reported that it had appointed new management technical team members in pursuit of developing the Twin Metals Minnesota (TMM) copper/nickel/platinum group metals (PGM) project as a 60/40 joint venture (JV) with Antofagasta.

Toronto-based Duluth last week gained a controlling interest in its flagship TMM project, after Antofagasta last week formally issued a ‘25% option termination notice’.

With the notice in hand, the JV immediately moved to the ‘40/60 phase’, during which Duluth had 180 days to buy Antofagasta’s 40% interest at a price equal to its sunk costs, for which Duluth on Monday appointed financial adviser Barclays to explore its options. The cost for Antofagasta’s 40% interest was estimated to be about $220-million, as well as about $10-million currently outstanding under a bridge loan facility.

Duluth on Thursday said the TMM board was restructured to include two new members from Antofagasta, Andronico Luksic and Alejandro Rivera, and the three existing members from Duluth, comprising current Duluth president and CEO Kelly Osborne, Christopher Dundas and James Jackson.

In parallel with the appointments, Bill Hayes, Ramon Jara and Gary Loving from Antofagasta had resigned as directors. Dundas was also appointed as chairperson of TMM, replacing Loving who had resigned.

Further, TMM CEO Juan Andres Morel would resign on July 16 and be replaced by Osborne.

The new technical committee appointees included previous Duluth president Vern Baker, Andrew Hara and Phillip Larson from Duluth, as well as Murray Canfield and Francisco Walther from Antofagasta. Baker was appointed chairperson of the technical committee.

“We are committed to moving the TMM project forward. We look forward to a continued good working relationship with Antofagasta on this next phase of project development. The TMM project remains as one of the best development-stage base and precious metals projects in the world that is in a mining-friendly jurisdiction,” Dundas said.

Duluth expected to soon publish a prefeasibility study on the TMM project that had been four years in the making.