International Base Metals Limited (‘IBML’) has signed an agreement with Antofagasta Minerals S.A. (‘Antofagasta Minerals’) over its Kopermyn tenement in northern Namibia.
The agreement envisages Antofagasta Minerals funding a 2 year exploration programme - to spend no less than US$ 500,000 on or before the first anniversary, with the right to withdraw, and a further US$ 1,300,000 before the second anniversary - in exchange for a 60% interest in the tenement.
Kopermyn represents an initial 50 million tonnes at 1% stratabound copper target but the tenement covers a complete geological inlier with over 40 km of strike potential.
Antofagasta Minerals is a wholly owned subsidiary of Antofagasta plc, with interests in mining, transportation and water distribution, which is listed on the London Stock Exchange and is a constituent of the FTSE-100 index.
During 2009, its Chilean mining operations (comprising the Los Pelambres, El Tesoro and Michilla mines) are expected to produce approximately 447,000 tonnes of copper metal in concentrate and cathode and 7,200 tonnes of molybdenum in concentrate.
Antofagasta Minerals is currently carrying out a brownfield mine expansion at Los Pelambres and is also developing the greenfield Esperanza project in Chile. These projects, when operational, will increase total Group copper metal production to approximately 700,000 tonnes of copper per year by 2011.
Antofagasta Minerals also has projects at an exploration or feasibility level in Latin America, Asia, Europe and Africa; although this is its first venture in Namibia