In a significant development for the mining industry, Canadian mining company Torq Resources has announced a partnership with Gold Fields to develop the Santa Cecilia copper-gold project in Chile. The companies have entered into a non-binding agreement to form a joint venture aimed at exploring and developing the 3,250-hectare property located in southern Chile.
The agreement includes a two-stage option for Gold Fields to acquire up to 75% of the shares in the Santa Cecilia project by investing $48 million over a maximum period of six years. This strategic partnership is expected to leverage the expertise and resources of both companies to advance the project efficiently.
The companies plan to finalize a definitive agreement by mid-November, marking a significant step towards the development of the Santa Cecilia project.
Chile, recognized as the world's largest copper producer and home to some of the largest copper reserves globally, presents a promising location for this venture, according to the US Geological Survey.
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