Australia's Western Metals announces copper exploration JV in Peru |
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Published
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Thu, 18 Jan 2007 01:39
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SYDNEY (XFN-ASIA) - Perth-based exploration company Western Metals Ltd said it has entered into a joint venture with Peruvian company SMRL Rustica Claudia 5 to explore for base metals in Peru.The Lukkacha exploration project is located in the south of Peru, an area that hosts large copper deposits at Cerro Verde/Santa Rosa, Cuajone, and Toquepala.Western Metals will initially hold a 51 pct stake in the project pending due diligence and regulatory approval, increasing to 70 pct after a 340,000 usd payment and then to a 100 pct stake after funding exploration and a further 2.5 mln usd payment to SMRL Rustica Claudia 5.The Peruvian company will also retain a right to two pct of any future mineral production from the project.Western Metals' chief executive George Bauk said securing this highly prospective opportunity in a tightly held and competitive area in Peru provides his company with an opportunity to discover a high value ore deposit in a region with a rich mining history.After initial testing in 2007, a drilling program is expected to begin in the first quarter of 2008.Western Metals also has base metal exploration interests in Australia, as well as uranium exploration joint ventures in the US and Tanzania.paul.daniel@xfn.com
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Metals - Copper dips amid another large gain in LME inventories 