Fortescue ventures into South Australian copper
PERTH (miningweekly.com) – Iron-ore major Fortescue Metals has struck farm-in and joint venture (JV) agreements with two ASX-listed juniors in South Australia, as it hunts for copper and gold in the region.
Tasman Resources on Friday announced a farm-in and JV agreement over its Vulcan exploration licence, which adjoins mining major BHP’s Olympic Dam tenements.
Under the Tasman agreement, Fortescue could acquire an initial 51% interest in the tenement by sole-funding A$4-million on exploration over a three-year period, with a minimum spend of A$1-million.
The company could then increase its stake in Vulcan to 80% by spending a further A$7-million on exploration within the subsequent five-year period. Once Fortescue has ceased its sole fund expenditure, the two companies would contribute to the JV expenditure proportionally.
In a second agreement with Strategic Energy Resources (SER), Fortescue agreed to explore the Myall Creek copper/gold project, which lies within the Cultana training area, controlled by the Department of Defence.
SER has already been granted access to explore the area.
Under the agreement with SER, Fortescue will spend A$1.5-million on exploration over a five-year period, including conducting a minimum 1 500 m drilling programme at Myall Creek in exchange for an 80% interest in the project.
Fortescue in 2018 revealed plans to diversify away from iron-ore into battery material opportunities, including copper, lithium, nickel and graphite, with the company also exploring for lithium at its Pilbara tenements and at its 32 granted concessions in Ecuador, while also submitting 64 exploration concession applications in Columbia.
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