Azure Minerals Ltd (AZS) has moved to accelerate exploration on one of its key projects in Mexico by entering into a joint venture with Australian mining company OZ Minerals Ltd (OZL) on Azure’s 100%- owned San Eduardo property, located in Sonora Mexico. OZ Minerals is a copper focused, Australian-based mining company which owns and operates the high quality Prominent Hill copper-gold mine in South Australia. OZ Minerals is building a pipeline of projects through acquisition, organic developments, and a strong commitment to exploration both at existing projects and through the identification of new opportunities. To earn an initial 51% participating interest in San Eduardo, OZ Minerals will spend US$3,000,000 over the next 3 years, with a minimum commitment of US$300,000 to be expended within the first year. OZ Minerals can earn an additional 19% participating interest in the project by spending a further US$10,000,000, taking its total equity to 70%.
Azure’s Executive Chairman, Mr Tony Rovira, welcomed the strong interest of OZ Minerals, one of Australia’s premier mining companies, as confirmation of the high quality of Azure’s 100%-owned Mexican projects. “We are delighted to have attracted OZ Minerals to the Sierra Madre Occidental district of northern Mexico, which is one of the world’s great mining provinces,” said Mr Rovira. “To secure the involvement of OZ Minerals in this exploration project is a strong vote of confidence in Azure’s on-going program of regional exploration, target identification and project staking, confirming the effectiveness of our exploration team in Mexico. This Joint Venture will enable Azure to accelerate our exploration programs and develop our projects.”
OZ Minerals is an Australian-based mining company with a focus on copper. It owns and operates the high quality Prominent Hill copper-gold mine in South Australia, and is building a pipeline of projects through acquisition, organic developments and a strong commitment to exploration both at existing projects and through the identification of new opportunities. In Australia OZ Minerals is exploring for copper-gold deposits in the Gawler Craton in South Australia. OZ Minerals is also actively seeking to increase its project portfolio through sole or joint initiatives. Leveraging from its strong operating experience and technical knowledge, OZ Minerals is exploring for gold and base metals, both in its own right and in partnerships with other companies. The San Eduardo Joint Venture with Azure Minerals is OZ Minerals’ first venture into Latin America.
