FMG going after copper Porphyry
Posted: Tue Mar 12, 2024 9:07 am
Interesting move Fortescue going after copper - Wonder why Forrest did this via FMG rather than Wyloo...? 19.9% stake is the max you can get in Australia to avoid the requirement to make a bid
https://www.australianresourcesandinves ... y-PjWQElKM
"Fortescue will hunt for porphyry-hosted copper-gold in New South Wales after inking a farm-in with Magmatic Resources (MAG).
The farm-in will see Fortescue spend up to $14 million across six years to earn up to a 75 per cent interest in the Myall project.
The major miner can earn an initial 51 per cent interest in Myall by committing $6 million to exploration across four years, then earn a further 24 per cent by committing an additional $8 million over an additional two years."
https://www.australianresourcesandinves ... y-PjWQElKM
"Fortescue will hunt for porphyry-hosted copper-gold in New South Wales after inking a farm-in with Magmatic Resources (MAG).
The farm-in will see Fortescue spend up to $14 million across six years to earn up to a 75 per cent interest in the Myall project.
The major miner can earn an initial 51 per cent interest in Myall by committing $6 million to exploration across four years, then earn a further 24 per cent by committing an additional $8 million over an additional two years."