RE: RNS - Mukai Project - Agreement for Joint Venture7 Aug 2024 07:12
Patrick Cheetham, Executive Chairman of Tertiary Minerals plc said:
"First Quantum is strongly motivated to find additional ore feed for Sentinel and, at Mukai, we have defined a priority soil anomaly along strike from copper mineralisation already drilled by First Quantum on its adjacent Tirosa Prospect.
"If exploration is successful, we stand to benefit from First Quantum's US$2.1 billion investment in the Trident operations and the joint venture earn-in terms have been tied to specific mineral resource and mining decision milestones, rather than specific exploration expenditures. The bar is set high, consistent with the large size of the Sentinel mining operation and the agreed terms require First Quantum to define a copper resource with an in-ground value of over US$700 million at today's copper price, before it earns any interest in the project.
"Evaluating the potential at Mukai is important for the parties and for Zambia given its proximity to the infrastructure already established at Trident. First Quantum is the natural partner for this undertaking given their unrivalled track record of recognising opportunities, defining resources, and developing projects quickly and cost effectively."