Joint venture copper project for OZ and Azure
A joint venture between OZ Minerals and Azure Minerals will focus on the Mexican San Eduardo copper-zinc-lead project.
San Eduardo is owned by Azure and OZ will earn an initial 51 per cent participating interest by spending $US3 million over the next three years, with a minimum commitment of $US300,000 within the first year. An additional 19 per cent will available if a further $US10 million is invested.
Azure executive chairman Tony Rovira said the strong interest from OZ was confirmation of the high quality of Azure's Mexican projects.
“We are delighted to have attracted OZ Minerals to the Sierra Madre Occidental district of northern Mexico, which is one of the world's great mining provinces,” Mr Rovira said.
“To secure the involvement of OZ Minerals in this exploration project is a strong vote of confidence in Azure's ongoing program of regional exploration, target identification and project staking, confirming the effectiveness of our exploration team in Mexico.
“This joint venture will enable Azure to accelerate our exploration programs and develop our projects.”
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