14th Jan 2022 11:23
(Alliance News) - Orosur Mining Inc announced on Friday it signed a joint venture agreement with Meridian Mining UK Societas in relation to the Ariquemes tin project in Brazil.
The Toronto-based mining company with projects focused in Colombia said the agreement can result in it earning a 75% interest in the project by spending USD3 million over a four-year period.
This would come in two phases, the company explained: phase one, earning a 51% interest by spending USD1 million over a two-year period; and phase two, earning an additional 24% interest by spending USD2 million over the final two-year period.
The Ariquemes tin project comprises of an area totalling 3,000 kilometres in western Brazil. The licenses were wholly owned by Meridian via its local subsidiary.
Orosur Mining said the joint venture will require the establishment of two new corporate entities to hold the exploration licences and applications as well as a local operating company in Brazil.
This process will commence immediately, Orosur Mining said, but may take several months to complete. In the meantime, the company said it will commence desktop exploration work, data compilation, regional targeting, formulation of exploration plans and budgets and logistical planning.
Shares in Orosur Mining were up 1.6% at 13.72 pence on Friday in London.
By Heather Rydings; [email protected]
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