Kincora secures Woomera as partner for Mongolia assets
TSX-V- and ASX-listed Kincora Copper on Monday announced an agreement with ASX-listed Woomera Mining for the Bronze copper and gold project, in Mongolia.
Woomera has the right to spend up to $4-million over five years to earn an 80% interest and may then elect to purchase the remaining 20% interest from Kincora for $10-million in cash and a 1% net smelter royalty.
The parties could also enter a shareholders agreement whereby Kincora is free carried until the point of a final investment decision for project development.
“Woomera has a mandate for large-scale new discovery opportunities backed by a team and shareholder register with very considerable prior successes. They are a well-motivated and funded partner looking to get drilling from September with a high-impact program,” said Kincora chairperson Cameron McRae and president Sam Spring in a joint statement.
The transaction would enable Kincora to focus its efforts and capital towards its core New South Wales projects, while retaining upside to the Mongolian assets.
McRae and Spring said that Kincora believed Bronze Fox could emerge as the fourth major porphyry district in the Southern Gobi copper belt.
Meanwhile, Woomera CEO Ralf Kriege said the transaction transformed the company into a key player “over one of the most active new exploration and mining frontiers in the world for copper”.
“My recent site visit really emphasised the level of activity taking place in this belt, true district scale of the cluster of porphyry systems at Bronze Fox and scope for the higher grade core of these systems,” said Kriege.
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