Coppermoly (ASX:COY) has entered into exclusive negotiations with Barrick (PNG Exploration) to buy back Barrick's interest in three copper-gold tenements in Papua New Guinea.
Coppermoly and Barrick are partners in the West New Britain project tenements with Barrick holding a 72% interest.
If a transaction is completed, Coppermoly would restore its 100% ownership of the tenements. Negotiations during the exclusivity period will allow for an agreement on terms as well as enable Coppermoly to arrange finance and prepare formal sales documentation.
If a transaction doesn't materialize, both parties will hold on to their respective positions.
Since 2009 Barrick has spent over A$22 million on exploration on these tenements to acquire its 72% interest.
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