Newmont-Agnico Eagle JV assumes operational control of Anzá
Minera Monte Águila, a 50:50 joint venture (JV) between bullion majors Newmont and Agnico-Eagle, has exercised its right to assume operatorship of the Anzá project, in Colombia, partner Orosur Mining reported on Tuesday.
The project also moved into its fourth year of Phase 1, during which time Monte Águila is required to spend another $4-million.
Operationally, the change in operatorship would not result in major changes, with most of the existing staff continuing in their current roles.
"While little may change on the ground, the decision by our partners to step in and operate the project is testament to the scale of its exploration potential,” Orosur CEO Brad George said in a statement.
The company also pointed out that while Monte Águila would manage the Anzá project, Minera Anzá would continue to be the 100% owner of the licences, until such time as Monte Águila had met its financial obligations with respect to the exploration agreement and elected to move to Phase 2 in September 2022.
Newmont in September 2018 entered into an agreement to earn up to 75% in Anzá by spending at least $30-million over 12 years, completing a feasibility study and making cash payments to Orosur totalling $4-million.
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