PERTH (miningweekly.com) – Copper miner Sandfire Resources will spend another A$4-million at the Altia copper project, in Cloncurry, after gaining a 60% interest in the project.
Owner Minotaur Resources said on Thursday that Sandfire had earned an initial 60% interest in the Altia project by sole-funding a A$4-million work programme. The miner had told Minotaur that it would continue to provide funding for the next three years, spending a further A$4-million, to gain an 80% share in the project area.
The Altia project comprises two main areas of interest known as the Northern joint venture (JV) and the Southern JV, and lies within Minotaur’s broader Eloise copper project.
Sandfire reportedly told Minotaur that activities undertaken during the previous earn-in had provided encouragement for further discoveries and increases in the current mineral inventory.