Mundoro works with Vale to explore copper in the United States

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Mundoro Capital (Toronto Stock Exchange symbol: MUN) and Vale Canada subsidiary of Vale (NYSE:: VALE)) have signed a two-year founding alliance to explore copper projects in Arizona and New Mexico in the United States.

The two companies also signed an agreement to explore an undisclosed copper mine in Arizona.

"We are pleased to establish this creation strategy with Vale to find new copper projects in the Laramide belt in the southwestern United States," Teo Dechev, chief executive of Mundoro, said in a press release.

"the company's creation strategy in the Laramide belt will focus on porphyry and related copper systems, similar to our focus on these deposit types in the West Tethys belt of Eastern Europe."

Mundoro has a series of copper and gold-focused projects in Eastern Europe and has completed six exploration transactions with companies including JOGMEC, Freeport-McMoRan (NYSE: FCX), Vale) and first Quantum Mining (TSX: FM)).

Dechev noted that "partner-funded work plans and our creation efforts have invested more than $30 million in expenditure, bringing value to our stakeholders."