China Yunnan Copper (ASX:CYU)
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5 Years : From Jul 2012 to Jul 2017
Chinalco Yunnan Copper Resources Ltd. (CYU.AU) said Thursday it signed an agreement to earn a stake in a copper exploration project in northern Chile with Rio Tinto PLC (RIO).
Chinalco Yunnan Copper said its Chilean subsidiary can earn a 40% interest in the venture with an investment of US$8 million, including US$250,000 in the first year, after which Rio will have 90 days to either resume management of the project or grant the company a further three years to invest US$15 million to take its interest to 60%. If Rio maintains its 60% controlling stake, then a joint venture will be formed between the companies, it said.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; email@example.com