Canadian mining companies Colombian Mines Corporation and Teck Resources Limited announced a $15.5 million joint venture in Colombia, said their press release Friday.
The project aims to develop mining in Colombian Mine’s Yarumalito property in the central northwestern department of Antioquia.
Colombian Mines’ CEO Robert Carrington told Colombia Reports, “Teck will spend a predetermined amount of money and by doing that they can earn up to a 70% interest in Yarumalito.”
Carrington described the joint venture as “cost avoidance” and said, “Teck has money and a lot of pieces we don’t have.”
Yarumalito project site is a gold-copper porphyry deposit – which generally requires pit mining – and is subject to approval by Canadian and Colombian regulators. Carrington said, ” we already have conditional approval […] so we are relatively confident that they will issue approval.”
In the press release the Colombian Mines CEO said, “As far as I am aware this is the largest joint venture for a gold property in recent years in Colombia.”
Colombia’s Energy and Mining minister has predicted $10 billion to be invested in Colombia’s energy and mining sectors this year.
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