Venus Minerals Ltd, a company 50%-owned by Ariana Resources PLC (AIM:AAU), has completed definitive and binding agreements with Hellenic Copper Mines Ltd and contractor the Iacovou Group in Cyprus to create a 50:50 joint venture for the development of the Apliki copper mine in Cyprus.
Venus will appoint the chief executive of Hellenic Apliki Mines as operator.
Venus is focused on the exploration and development of copper and gold assets in Cyprus.
The joint venture will draw upon local mining, engineering and heap-leach expertise gained during many years of successful operation of the nearby Skouriotissa Mine by Hellenic Copper Mines.
The principle conditions of the agreements include the transfer by HCM of the Apliki mine and associated infrastructure including the solvent-extraction electrowinning processing plant to Hellenic Apliki, the commitment by Venus to fund the development of Apliki and a mining services contract between Hellenic Apliki and the Iacovou Group.
Meanwhile, Venus is moving towards a listing on AIM, scheduled for the second quarter of this year.
"Venus is the pre-eminent copper and gold exploration company operating on the island of Cyprus, with combined mineral resources of 17mln tonnes at 0.45% to 1.10% copper,” said Ariana’s managing director Dr Kerim Sener.
“Additional exploration upside has also been secured across Venus' portfolio of copper-gold bearing volcanogenic massive sulphide systems, which have been selected utilising its in-house proprietary database. We are proud to be involved in the development of Venus as it advances the first new copper mine in Cyprus since the establishment of the recently depleted Skouriotissa operation in the early 1990s.”