Oz Minerals Limited
(ASX:OZL) has signed a heads of agreement with Toro Energy Limited
(ASX:TOE) to explore for nickel on two tenements near Toro’s 100 per cent owned Lake Maitland uranium deposit.
Under the deal Oz Mineral will spend $5 million to earn 70 per cent of the non-uranium rights of the two tenements.
Oz will then spend $500,000 on exploration within the first 12 months and operate the site while Toro remains focused on its uranium assets.
Oz Minerals reported a net profit of $51.8 million for the half year ended 30th June 2015.
