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OZ Minerals strikes greenfields discovery deal with Red Metal in Western Australia, Queensland

Mining News - Published on Thu, 31 Jan 2019

Image Source: Channel 24
Australian Mining reported that OZ Minerals and Red Metal have formed a joint venture agreement aimed at fast tracking the search for greenfields discoveries at projects in Western Australia and Queensland. The greenfields discovery alliance provides OZ Minerals with a two-year option to fund a series of mutually agreed, proof of concept work programs on six of Red Metal’s early stage projects.

In Western Australia, the companies will explore for copper-gold and copper-cobalt prospects at the Yarrie project, and for copper-gold and copper-nickel prospects at the Nullabor project. The JV will target four opportunities in Queensland, including copper-gold at the Gulf project, zinc-lead-silver at the Three Ways project, zinc-lead-silver at the Lawn Hill project, and zinc-lead-silver at the Mount Skipper project.

OZ Minerals has committed to spend a minimum amount on each project within the two-year period, with the total commitment to be USD 8.05 million. After reaching the minimum spend, OZ Minerals has the option to form a joint venture at any particular project and can earn 51 per cent by spending an earn-in amount during a certain period.

Source :

Posted By : Rabi Wangkhem on Thu, 31 Jan 2019
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