Chinalco Yunnan Copper To Buy Xstrata Copper's Humito Project
13 October 2011 - 11:10AM
Dow Jones News
Chinalco Yunnan Copper Resources Ltd. (CYU.AU) said Thursday it
has agreed to buy mining giant Xstrata PLC's (XTA.LN) early-stage
Humito copper exploration project in northern Chile.
The agreement calls for Chinalco Yunnan to commit to minimum
spending and drilling each year for five years, after which it will
buy 100% of the project while Xstrata's copper subsidiary will
retain a 3% net smelter royalty.
"We aim to drill this property after completing initial drill
programs on our Candelabro, Caramasa and Palmani targets further
north in Chile," said Jason Beckton, managing director of Chinalco
Yunnan.
The Humito copper and molybdenum prospect is located in the
palaeocene porphyry copper belt of northern Chile, 60kilometers
north of the town of Copiapo and near Chinalco Yunnan's fully-owned
Humito property
Chinalco Yunnan's largest shareholder with a 21% interest is a
majority-owned unit of Aluminum Corp. of China, or Chinalco. The
Brisbane-based company last month signed an deal to partner with
Rio Tinto PLC (RIO) on a project in northern Chile, its third such
agreement for the region with the Anglo-Australian mining
company.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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