Mining company South32 (ASX:S32) has announced a deal with Ausquest for a new copper-gold project in Peru.
Ausquest’s Parcoy project will receive funding and technical support from the Australian mining giant.
Under the Strategic Alliance Agreement South32 has exclusive rights to the company’s projects by funding selected projects up to the drilling stage and can elect to spend a further (US)$4million to earn a 70 per cent interest.
Ausquest says the inclusion of the Parcoy project under the agreement builds on the strong pipeline of high-potential projects already established.
Shares in South32 (ASX:S32) are trading up 0.14 per cent to $3.70