Encounter plans to sell 75% stake in Elliot Copper Mine to BHP Billiton

Published: Sep 24, 2020 15:21

Source: Mandarin Finance and Economics

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[Encounter plans to sell 75 per cent of Elliot to BHP] Encounter Resources said on Thursday that it had signed an option agreement with BHP (BHP Group) that would give BHP up to a 75 per cent stake in its Elliot Copper project upon completion of a joint verification scheme.

SMM: Encounter Resources said on Thursday that it had signed an option agreement with BHP (BHP Group) that would give BHP up to a 75 per cent stake in its Elliot Copper project after completing a joint verification scheme.

The gold and copper miner said it would complete preliminary confirmation with BHP Billiton by the end of December of the Elliot project, which covers an area of 4500 square kilometers (1737 square miles) in northern Australia.

Encounter said that if BHP decided to take a stake in the Elliot project, it would need to invest up to A $22 million (US $16 million) in exploration over 10 years.

Next year, BHP may choose to participate in further verification projects before deciding whether to exercise the option, it added.

Copper mining production capacity

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