AusQuest extends exploration deal with South32
PERTH (miningweekly.com) – Diversified miner South32 has extended it strategic alliance with ASX-listed AusQuest in order to continue developing a pipeline of exploration opportunities.
The agreement, which has been operational since 2017, has now been extended for another two years.
Under the agreement, AusQuest generates and secures prospective early-stage exploration opportunities, which are then offered exclusively to South32. These projects undergo a staged evaluation process, which sees the projects classified as either exploration opportunities or drill-ready opportunities.
If a project is twice rejected by South32, it will no longer be subject to the agreement.
South32 can earn a 70% interest in the exploration opportunities by funding $4.5-million on exploration, and could earn a 70% interest in drill-ready opportunities by spending $4.5-million, with AusQuest to prepare a drill programme and budget of at least $500 000 over the targeted area.
Six of AusQuest’s projects are currently considered exploration opportunities by South32, with three of these located in Australia, and three in Peru.
AusQuest MD Graeme Drew told shareholders on Tuesday that the extension of the agreement with South32 was a great outcome for shareholders.
“The second extension of the agreement is clear recognition from South32 about the importance of the relationship with AusQuest and the value it creates for their shareholders.
“It also represents a strong endorsement of AustQuest’s credentials and technical skill, and is a vindication of the quality and scale of the projects we have been able to consistently bring to the table both in Australia and Peru in the past five years.”
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