Queensland-based copper explorer Coppermoly Limited (ASX:COY) (“Coppermoly”) reports that it has been advised by its farm-in partner Barrick (PNG Exploration) Limited, a subsidiary of Barrick Gold Corporation (“Barrick”), that it intends to commence a process to engage with market participants for the purpose of divesting its 72% interest in tenements EL1043 (Nakru), EL 1445 (Talelumas) and EL 1077 (Simuku) located in West New Britain, Papua New Guinea.
Barrick earned its interest in the Tenements through a farm-in agreement with Coppermoly in which it spent $20 million on exploration on the Tenements ("Letter Agreement"). Coppermoly retains the remaining share.
“In light of the significant copper intersections at the Nakru project over the past few years, we believe these projects have considerable value and potential to progress through to feasibility with additional drilling,” Coppermoly Managing Director Peter Swiridiuk said.
“Although these projects may not presently represent the size for development by the world’s largest gold producer, the significant grades of copper, gold and zinc and current commodity prices put them in good standing for further development.”.
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