Orosur Mining (TSX:OMI)
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2 Months : From Oct 2019 to Dec 2019
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 firstname.lastname@example.org
(END) Dow Jones Newswires
November 07, 2019 04:19 ET (09:19 GMT)
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