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(Alliance News) - Bezant Resources PLC and Caerus Mineral Resources PLC on Monday announced an option agreement with a view to possible joint venture mining operations in Cyprus.
The agreement will begin in August and see the two exploration and development companies review Caerus' portfolio of copper and gold projects in Cyprus. Bezant will be granted 18 months to assess the merits of all Caerus' potential copper and gold mining assets in the country.
Both companies will identify one potential development project and then jointly explore and fund up to USD1 million on the selected project. If the project surpasses the development criteria, then Bezant and Caerus will form a joint venture company to develop the project further.
Shares in Bezant were down 0.2% at 0.21 pence in London on Monday morning. Caerus Mineral were 6.9% higher at 27.25p each.
"The arrangement benefits both parties in that Bezant will assist Caerus in fast tracking its assessment, whilst Bezant gains access to new small scale copper development assets," commented Bezant Chair Colin Bird.
"We look forward to work with the Caerus team, who, in our opinion, have assembled and positioned themselves with an extraordinarily gold and copper portfolio in a mining friendly jurisdiction."
Bezant will be responsible for the designing, construction and operation of any mine developed under the agreement. Caerus will retain a 20% beneficial interest in all future revenue.
Caerus Chief Executive Martyn Churchouse said: "We are delighted to engage with Bezant at a time when the market demand for copper is so vibrant and is forecast to remain so for many years."
By Will Paige; willpaige@alliancenews.com
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