South32 inks US copper alliance with EMX
Diversified miner South32 has entered into a regional strategic alliance agreement with a subsidiary of EMX Royalty, focusing on finding copper and other base metals projects in Arizona, New Mexico and Utah.
The agreement provides funding for generative work and acquisitions over a two-year period, TSX-V-listed EMX announced last week.
The company explained that projects advancing to the drill programme stage might be selected as designated projects, which would advance under separate option agreements. These agreements provide for work commitments and cash payments during South32’s earn-in period, and upon earn-in, a 2% net smelter return royalty interest and preproduction and milestone payments to EMX’s benefit.
South32 has initially selected five EMX porphyry/copper projects, including Midnight Juniper, Jasper Canyon, Sleeping Beauty, Dragons Tail, and Lomitas Negras, in Arizona, to begin advancing toward the drill programme stage.
Under the terms of the agreement, which has an initial term of two years, South32 will provide $800 000 a year for generative work performed by EMX personnel to identify properties for exploration work within the regional strategic alliance area of interest. South32’s Hermosa project, in southern Arizona, is excluded from the agreement.
South32 will also provide a separate acquisition fund of $200 000 a year to pay for the acquisition of new properties as approved by the technical committee.
The exploration work will be funded separately through cash calls to South32.
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