Peru precious metals explorer Nativo partners with local expert to identify prospects
London-listed Nativo Resources has partnered with an experienced Peruvian mining services and general contracting provider called Constructora e Inversiones Andina Kuboc to identify new gold and other precious metal mining opportunities in Peru.
The companies signed a framework agreement that stipules that Kuboc will act as operator of any approved projects while Nativo will provide funding expenditure.
Where a project proceeds to development, Nativo will hold a 75% interest and Kuboc the balance – subject to Nativo first recovering its invested capital.
Nativo will have a pre-cost recovery “waterfall” where the profit share is 85% in favour of Nativo until full cost recovery.
The partners have listed gold, silver and copper as their first focus areas across the Ayacucho, La Libertad, Arequipa and Ancash regions.
Nativo’s initial exposure to review the identified projects is not expected to exceed $70 000.
Kuboc currently operates two mines in Peru, with the company having experience in non-ferrous metals mining, transport and construction of projects.
Kuboc is authorised by the Peruvian Ministry of Energy and Mines to explore, exploit, develop and beneficiate minerals, including gold.
Nativo CEO Stephen Birrell says the agreement between the companies creates a framework through which additional opportunities can be pursued with an established mining contractor, with a strong operational track record.
“The criteria for project selection will be based on projects being commercially rewarding and able to be in production within 12 months, which effectively means shovel-ready projects.
“As we continue executing our strategy in Peru by progressing towards initial ore sales, advancing our processing capabilities and evaluating our concession portfolio, we believe having a trusted local operating partner strengthens our ability to identify, assess and efficiently advance future growth opportunities,” Birrell concludes.
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