Thor and Terramin join forces in S Australia
PERTH (miningweekly.com) – ASX-listed juniors Thor Mining and Terramin Australia will jointly investigate the development of the Kapunda copper deposit, in South Australia, through a joint venture with partner Environmental Copper Recovery (ECR).
Thor on Wednesday told its shareholders that it would invest in ECR, initially through a convertible loan note worth up to A$1.8-million, which would be used to fund field testwork and feasibility activities at Kapunda over the next three years.
In turn, ECR has entered into an agreement with Terramin to earn up to a 75% interest in the metals rights at Kapunda, over two stages.
ECR will earn an initial 50% interest in the project by spending A$2-million on field trials and associated studies, and a further 25% interest by spending a further A$4-million on the project.
Subject to the completion of this expenditure, Terramin will retain a minimum 25% contributing interest, and will retain a 1.5% net smelter royalty on all metals extracted from the joint venture (JV) area.
ECR will spend a minimum of A$300 000 in the first year of the JV, as well as each subsequent year.
Terramin CEO Martin Janes said on Wednesday that the company was pleased to add the JV to Terramin’s suite of advanced projects.
“This opportunity will give Terramin the ability to focus on its flagship Tala Hamza zinc project and high-grade Bird-in-Hand gold project, while leveraging off its portfolio of other valuable assets.”
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