Caerus Mineral Resources PLC signed a joint venture agreement with Bezant Resources PLC (AIM:BZT) covering the Troulli copper-gold project, consisting of the Troulli, Anglisides and Kokkinapetra licences, held by Caerus in Cyprus.
READ: Caerus and Bezant select Troulli as first project for the joint venture to tackle
The JV is effective immediately, with Bezant's financial contribution backdated from the start of diamond drilling at Troulli in September 2021. Both companies have committed an initial sum of US$1.0mln (£0.75mln) towards resource development and to take the project to the feasibility study stage.
"The signing of the joint venture with Bezant is a major step forward for the company,” said Caerus chief executive Martyn Churchouse.
“The agreement allows us to share the exploration and development risk associated with the Troulli -Kokkinapetra Project project. At the same time, it frees up funding and capacity to expand our exploration and resource development programme across the rest of our licences.
“Bezant will bear the burden of arranging funding for the feasibility stage and the capital expenditure for both infrastructure and mine development whilst the Caerus will, once production commences, be reimbursed for all direct exploration expenditure and will receive a 20% free-carried interest over the life of mine."