Ero Copper, a Canadian mining company focused on operations in Brazil, has announced an agreement that would enable it to earn a majority stake in Vale's Furnas copper project in Brazil. The companies have signed a binding term sheet, according to which Ero Copper would secure a 60% interest in the project.
To acquire the majority stake, Ero Copper will need to complete several exploration, engineering, and development milestones over a five-year period, following the execution of a definitive earning-in deal. The agreement stipulates that within 18 months of the definitive deal being agreed upon, Ero Copper must complete three phases of work at the Furnas project.
The first phase involves conducting at least 28,000 meters of exploration drilling and producing a scoping study. The subsequent phases will involve additional exploration and engineering work. Throughout the earn-in period, Ero Copper will be solely responsible for funding the phased exploration and engineering work program.
As part of the agreement, Ero Copper will grant Vale Base Metals an up to 11% free "carry" on future project construction capital expenditures. This collaboration is expected to leverage the strengths and expertise of both companies, ensuring the successful development of the Furnas copper project.
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