New mining investment Australia’s miner Avanco has agreed the terms to acquire a 100% stake in the Pantera copper project from Brazil’s Vale.
Avanco said in a statement that two options to finalise the deal are currently under consideration, but "in both cases, payment of the acquisition price to Vale are capped at $3 million per annum. Management estimate the acquisition cost will likely range between US$20 million and US$35 million". This is on top of the non-refundable $500,000 signing fee allocated to Vale.
Avanco says that the Pantera project is located in close proximity to the company’s existing operations in the Carajás mineral province in Brazil. The project "has the potential to significantly add resources, reserves and a longer-term production profile" for Avanco, according to the statement.
Avanco is a copper and gold producer. The company is listed on the Australian Stock Exchange (ASX).