Nittetsu Mining Co.,Ltd. [1515.T]
TOKYO, Apr 20 (Pulse News Wire) – Nittetsu Mining CO.,LTD. (1515.T) entered into a contract, to participate in the Oracle Ridge copper exploration project located approximately 40 km northeast of Tucson, Arizona.
Under the agreement, the company will invest a total of $20 million over four years for environmental permits, drilling, and feasibility studies. Initial payments will result in Nippon Steel Mining holding an equity stake of 80% and EM2 Holdings owning 20%.
Additionally, the company will retain an off-take right of 100%. This move diversifies the company's risk beyond Chile, leveraging its extensive experience in mining operations such as the Atacama mine and the upcoming development in Arukerosu Kouzan.
Fabio Vergara, Executive Director of EM2, commented, “Collaborating with Nippon Steel Mining brings significant expertise to our Oracle Ridge project, which boasts existing infrastructure and high-grade copper potential.” Furthermore, Shinsuke Mitani, Head of Overseas Resources Division at Nippon Steel Mining, stated, “Our entry into North America marks a strategic step forward, combining our knowledge and experience gained from operations in Japan and Chile to advance this promising asset towards production.”.
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