Caerus Mineral Resources PLC (LON:CMRS) has granted Jubilee Metals PLC (LON:JLP) a six-month exclusive period to assess all of Caerus' surface-based mining waste and tailings assets in Cyprus with a view to converting them into one or more joint ventures.
Jubilee will investigate and assess the remnant ore and multiple waste stockpiles from the 16 mines that operated historically on Caerus' concessions, including those of the recently acquired PR Ploutonic Resources Ltd.
“The access under the exclusivity agreement to assess the Caerus copper and gold assets are consistent with Jubilee's continuous review of various global opportunities that could benefit from Jubilee's proven expertise in the processing of historical waste dumps,” Jubilee said.
The operational costs would be met by Jubilee with no material cost to Caerus.
If a joint venture is agreed, Jubilee would design, finance and execute the construction of any processing plant and become its operator.
Any joint venture would operate on a profit-sharing basis after recovery by Jubilee of its initial capital expenditure and other 'up-front' costs.
"We are delighted to be able to engage with Jubilee at a time when the market demand for copper is so vibrant and is forecast to remain so for many years, said Martyn Churchouse, chief executive of Caerus.
“Since Jubilee is a recognised market leader in the recovery of metals from a diverse range of waste and feedstocks, they are a natural partner with which to progress our revenue-generating ambitions," he added.