Three joint venture agreements between Minotaur Exploration (ASX:MEP) and Oz Minerals (ASX:OZL) have been given the go-ahead.
A new Eloise JV replaces the 2016 JV agreement which provided for OZ Minerals to acquire 70 per cent interest in the Eloise JV tenements through expenditure of $10 million.
Alongside Minotaur’s contribution of additional tenure to the new JV, OZ Minerals agreed to devote another $3 million into JV activities over the forthcoming 24 months.
Minotaur continues to be the manager and operator of the JV.
Shares in OZ Minerals (ASX:OZL) closed 4.84 per cent higher at $9.10 yesterday.