Orosur Mining Shares in London Jump on Newmont Payment
November 07 2019 - 4:34AM
Dow Jones News
By Adria Calatayud
London-listed shares in Orosur Mining Inc. (OMI.T) rose in early
trade Thursday after the company said it has received a $690,000
payment from Newmont Goldcorp Corp. (NEM) over its Anza gold
project in Colombia.
The Uruguay-based mining company, which is listed in Canada and
the U.K., said Newmont made the payment to cover its outstanding
commitments and to maintain its rights under an exploration
agreement between the two companies which commenced in September
2018.
Newmont funded exploration costs totaling $310,000 to Minera
Anza, Orosur's Colombian subsidiary, during the first year of the
exploration agreement. The deal allows Newmont to earn up to a 75%
ownership interest in the Anza project by spending a minimum of $30
million over twelve years.
Orosur shares in London at 0854 GMT were up 23% at 3.50
pence.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
November 07, 2019 04:19 ET (09:19 GMT)
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