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Australia's South32 to partner with Canadian metal explorer for Alaska project

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12/19/2019 | 09:55pm EST

Australian miner South32 Ltd and Canadian base metal explorer Trilogy Metals Inc will become equal partners in a joint venture that will own and operate an Alaskan copper and base metal project, the two companies said on Friday.

South32 said it has exercised its option to acquire a 50% stake in the joint venture company that will own Upper Kobuk Mineral Project located in the Ambler mining district in Alaska.

The company said the move follows a successful exploration partnership with Trilogy and will help the Australian miner expand its portfolio in North America by adding high-quality copper and base metals development options.

The joint venture will retain $87.5 million of the $145 million subscription payment to fund exploration plans. The rest will be loaned back to South32, which will be repaid in installments.

(Reporting by Shreya Mariam Job in Bengaluru; Editing by Arun Koyyur)

Stocks mentioned in the article
ChangeLast1st jan.
LME COPPER CASH -0.27% 5730 End-of-day quote.-7.06%
SOUTH32 -1.92% 2.56 End-of-day quote.-5.19%
TRILOGY METALS INC. -7.49% 2.47 Delayed Quote.-21.01%
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