OZ Minerals Limited
(ASX:OZL) has announced it has signed a Heads of Agreement with Cassini Resources to mine Australia’s largest undeveloped copper nickel deposit, the West Musgrave Project.
As part of the deal, OZ Minerals has committed to funding a $3 million detailed scoping study to identify the best way to commercialise the project.
Should the scoping exercise and further feasibility studies prove successful, OZ Minerals stands to earn up to 70 percent of the West Musgrave Project.
CEO Andrew Cole has indicated the Neo-Babel copper deposit at West Musgrave is compelling on its own, with an estimated 200 million tonnes of copper capable of being extracted with a shallow open pit.
OZ Minerals Limited reported a net profit of $130.2 million at 31 December 2015.
