(Alliance News) - Jubilee Metals Group PLC on Tuesday said it has inked an agreement with Caerus Mineral Resources PLC for a six-month exclusive period for the assessment of copper and gold assets in Cyprus.
Jubilee Metals is a London-based metals processing company with operations in South Africa and Zambia. Caerus is a exploration & resource development company focused on minerals in Europe to supply the global clean energy drive.
"The ultimate objective of the exclusivity agreement is to identify and define potential projects within the Caerus portfolio that can be scaled-up and prioritised into one or more joint venture arrangements with Jubilee, targeting profitable production using modern designs and technologies guided and financed by Jubilee," Jubilee said.
The agreement offers potential access to copper and gold grades in waste stockpiles.
Jubilee would become operator of any assets which may be developed under any joint venture with Caerus.
Caerus would retain ownership of any assets and Jubilee would benefit from a profit share.
Caerus shares surged 45% at 24.58 pence each in London.
Caerus Chief Executive Martyn Churchouse said: "We are delighted to be able to engage with Jubilee at a time when the market demand for copper is so vibrant and is forecast to remain so for many years. We are fortunate to have within our wholly-owned tenements the mineralised waste from many of Cyprus' former copper mines."
Jubilee shares were up 1.6% at 17.26 pence each in London on Tuesday, but were down 1.2% at ZAR3.42 each in Johannesburg.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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