Miner Oz Minerals Ltd
(ASX:OZL) and fellow miner IMX Resources Ltd
(ASX:IXR) are to form a joint venture to explore and develop copper-gold projects on IMX’s Mt Woods tenements in South Australia.
In addition to the exploration agreement, Oz Minerals will acquire 26.25 million shares from IMX at 38.5 cents a share.
IMX Resources will receive $10.068 million from the placement, with Oz to end up with a 13% holding in the company.
Oz Minerals CEO Terry Burgess says the joint venture will allow exploration on the IMX tenements to be expedited, for the benefit of both Oz and IMX shareholders.
Mr Burgess says the proximity of the tenements to the existing Prominent Hill mine infrastructure greatly enhances the chance of an economic discovery.
Oz Minerals posted a $2.5 billion loss in 2008.
