35.8 C
Supported byspot_img

Oz Minerals enters copper project deal in Portugal

Member of Europium Groupspot_img
Supported byspot_img

OZ Minerals has entered an earn-in agreement with Canadian-listed exploration company Avrupa Minerals on its Alvito copper-gold exploration project in Portugal.

The project, located two hours from Lisbon, is targeting a 24km long copper in soil anomaly at the Alvito site.

Initial tests at the site returned samples with copper grades in excess of one per cent copper and one gram per tonne of gold.

Supported by

Under the agreement, OZ Minerals can earn a 51 per cent interest in the tenement by paying a minimum of $1 million on exploration in the first year. It can then earn an additional 24 per cent interest by spending another $3 million on exploration by September 23, 2019.

“Portugal is part of a growing exploration pipeline,” OZ Minerals CEO Andrew Cole said,

“Our international exploration approach is unchanged from Australia – working with good partners, being prepared to look afresh at prospective projects and making decision to stay or exit early based on the future value we see in the project.”

In January this year, OZ Minerals increased its copper production target for the next two years as it shifts towards the metal instead of gold.

Source: australianmining

Supported byElevatePR Digital

Related News

CATL explores $1.5 billion fund to boost global battery supply chain

China's Contemporary Amperex Technology (CATL), the world's largest electric vehicle battery manufacturer, is in discussions with overseas sovereign wealth funds and private offices of...

Securing Europe’s critical raw materials: Addressing funding challenges for sustainable extraction

Bernd Schäfer, CEO of EIT Raw Materials, advocates for substantial investment in Europe's mining sector following the implementation of the Critical Raw Materials Act...

Strengthening global sustainability: The SCMA and critical minerals for climate goals

Canada's Minister of Energy and Natural Resources, Jonathan Wilkinson, together with Sweden's Minister for Energy, Business and Industry, Ebba Busch, announced Sweden's accession to...

Nickel mining and the green energy challenge: Balancing supply with environmental responsibility

Nickel is poised as a critical element in the global shift towards green energy, yet its extraction poses significant environmental challenges, recently highlighted by...
Supported by
Supported by
Supported by
error: Content is protected !!