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Panoro Minerals, JOGMEC sign JV agreement in Peru

Mining News - Published on Fri, 05 Oct 2018

Image Source: Living in Peru
Panoro Minerals Ltd. said that it has executed a joint venture agreement with Japan Oil, Gas Metals National Corp. (JOGMEC) on its Humamantana property in Peru. Under the agreement, JOGMEC will have the option to earn up to a 60% interest with an investment of USD 8 million. Panoro President and CEO Mr Luquman Shaheen, said that “Panoro is pleased to complete this agreement with JOGMEC whereby the company has financed another of its attractive early stage projects.” He said that “These two early stage projects complement the company’s two advanced projects; Cotabambas and Antilla, highlighting Panoro’s unique pipeline of Peru-focused copper exploration and development projects. We look forward to continuing to identify creative financing alternatives to move our significant pipeline of projects through exploration, engineering, permitting and into development.”

Under the agreement, JOGMEC will contribute US$1 million annually for the first three years to earn a 49% stake in Humamantana. It can increase that interest to 60% by contributing another US$5 million. If either party’s interest falls below 10%, that interest will be converted to a 2% NSR royalty interest. The other party will have the option to purchase one half of the royalty for US$2 million.

The Humamantana property covers an area of 3,600 metres and is located in Southern Peru, in a region that also hosts the Antilla and Cotabambas projects. Humamantana is situated approximately 10 km southwest of HudBay’s Constancia copper mine and the Kusiorcco Project, which was sold to HudBay by Panoro in return for cash and a 2% NSR.

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Posted By : Rabi Wangkhem on Fri, 05 Oct 2018
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