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08 Mar

Magmatic, Fortescue partner on Australian copper project

Australia-listed Magmatic Resources said Friday it has inked an agreement with iron-ore giant Fortescue Metals to explore its Myall copper-gold project in New South Wales, Australia.  Under a farm-in and joint venture agreement with Fortescue’s subsidiary FMG Resources, Fortescue will commit AUD 14 million ($9.3m) over a six-year period to earn up to a 75% interest in the project. Based on the terms of the agreement, Fortescue may earn an initial 51% in…
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