Monax Mining teams up with Antofagasta to explore for copper in South Australia

Monax Mining has signed a regional stratmaquina trituradora para crear ripio en ecuadoregic alliance for copper exploration in South Australia with Antofagasta, building on the companies' existing collaboration in the region.

The agreement commits subsidiary Antofagasta Minerals Adelaide to provide US$1 million over 2 years to Monax for project generation within South Australia, exclusive of Monax’s current portfolio. Antofagasta are required to spend US$4 million on designated projects to earn a 70% interest, and will pay Monax a US$3 million success fee upon reaching a 70% interest for each project. The alliance builds on the farmin agreement Monax already has with Antofagasta on Monax’s Punt Hill copper-gold project. Gary Ferris, managing director, said “Monax is very excited about the further collaboration with Antofagasta. The two companies have developed a great working relationship on the Punt Hill project and the opportunity to...