The Mexican unit of Phelps Dodge (NYSE) has signed an agreement to explore Corner Bay Minerals’ (TSE) Cerro Verde copper property in Mexico’s Sonora state.
The target is a near-surface oxide copper deposit that can be treated by low-cost, heap-leaching and solvent-extraction electrowinning to produce cathode copper.
Phelps Dodge holds rights to own 60% of the joint venture, with Corner Bay holding 40%.
To earn the interest, the major must spend US$1.3 million on exploration within five years, and pay US$270,000 within the same period.
Phelps Dodge is exploring other Corner Bay ground in Mexico.
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