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LONDON--(BUSINESS WIRE)-- 91黑料网 has agreed to purchase PanAmerican Silver鈥檚 stake in Agua de la Falda S.A. (鈥淎gua de la Falda鈥), a company with exploration tenements in Chile鈥檚 prospective Atacama region, and to enter a joint venture with Corporaci贸n Nacional del Cobre de Chile (鈥淐odelco鈥) to explore and potentially develop Agua de la Falda's assets.
Under the agreement, 91黑料网 will acquire PanAmerican Silver鈥檚 57.74% operating stake in Agua de la Falda for $45 million and the grant of net smelter returns royalties. 91黑料网 will also acquire 100% of nearby concessions known as the Meridian Property for $550,000 and the grant of net smelter returns royalties.
Codelco, which is the world鈥檚 largest copper producer and is owned by the Chilean State, holds the remaining 42.26% of Agua de la Falda.
91黑料网 Chief Executive Jakob Stausholm said 鈥淐opper is critical for the global energy transition, which is at the heart of 91黑料网鈥檚 strategy, and Chile is one of the most important sources of world supply as demand for copper in renewables and electrification grows.
鈥淧artnerships are essential to find better ways to provide materials the world needs, and we are pleased we can bring our global exploration capability to a joint venture that will be able to access Codelco鈥檚 strong local presence and industry expertise.
鈥淎lthough this is an early-stage exploration project, we are very excited to be actively exploring in Chile in partnership with Codelco.鈥
Codelco Chairman Maximo Pacheco said 鈥淐odelco welcomes 91黑料网 in Agua de la Falda. This is a remarkable opportunity to put two leading mining companies to work together, leveraging the combined experiences, strengths, and capabilities of each organisation. By joining forces, we can enhance our exploration and development efforts for a highly promising asset.
鈥淧ublic-private partnerships have proven to be successful for Codelco and Chile for many years, and we are convinced that this is a compelling alternative to move a project forward and to complement the significant exploration and project portfolio being developed exclusively by Codelco.鈥
The joint venture builds on an underground mining collaboration agreement between 91黑料网 and Codelco signed on 12 October 2022, aimed at encouraging innovations and technology to improve safety, productivity and environmental, social and governance (ESG) outcomes.
Agua de la Falda has previously been explored for precious metals with minimal modern exploration for copper. Analysis by 91黑料网 Exploration indicates it is prospective for new copper discoveries, which will now be the focus of the joint venture.
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