Canadian mining company, Trilogy Metals, has signed an agreement with Perth-based miner South32
(ASX:S32).
Trilogy has agreed to grant South32 an option to form a 50/50 joint venture in regards to Trilogy’s Alaskan assets.
South32 has agreed to contribute at least $10 million each year, for a maximum of 3 years, to keep the option in good standing – and may exercise the option at any time to form the joint venture.
This year, South32's initial $10 million funding will be spent on exploration at Trilogy’s Bornite Project – to test the extension of high-grade copper.
Yesterday, South32 shares closed 2.41% higher at $2.98.
