Rio Tinto frames Peru copper joint venture
Valor Resources has signed a deal with Rio Tinto supported Kennecott Exploration Company for its Berenguela copper-silver-manganese project. The project is running in south-eastern Peru.
The Berenguela venture brags about a deliberate and deduced JORC reserves of 45.9 million tons at 0.77 percent copper, 86 grams for every ton silver, 0.28 percent zinc and 5.1 percent manganese.
Its present resources possess only 2.1 percent of Berenguela's 6594 hectares lands in total, and hence indicating the potential for asset development.
Valor ill get the resources worth $US700, 000 ($970,560) from Kennecott, before February this year, and will use $US2 million on Berenguela's energy investigation activities throughout the following a year.
Amid this time, Kennecott will be exclusively in charge of the framework and usage of the energy investigation activity.
As a newly added part of the Rio Tinto, Kennecott has access to investigation and mine development staff.
Valor has finished more than 9100 meters of infill and extension drilling at Berenguela. Valor Resources Limited is based in Australian and is involved in metals exploration and project development.
Rio Tinto is an Anglo-Australian multinational company which was founded in 1873. A group of investors bought a mine complex on the Rio Tinto in Spain and hence is the name. It is one of the largest mining corporations across the world.