Chile’s World Copper has signed a deal with Cardero Resource Corp. to combine their businesses in a way that will en-hance World Copper’s portfolio of copper mineral projects through the acquisition of Cardero’s Zonia copper oxide project in Arizona, U.S.
Nolan Peterson, the chief executive of World Copper, said in a state-ment that the “signing of the definitive agreement with Cardero is an-other milestone for World Copper and one that will bring significant value to our shareholders.”
“We will apply the same knowledge and expertise to Zonia, as we have to our Escalones property, and work to advance and de-risk the project going forward,” he said.
Zonia is a near-surface, copper-oxide resource which comprises measured resources of some 15.6 million short tonnes grading 0.43% copper, or 129.3 million oz of copper, according to data released by World Copper.