Canada headquartered-Freeport Resources is set to acquire Yandera Copper Project in Papua New Guinea. Yandera is a copper-gold mine project with potential plans to include open-pit mining operations to produce copper concentrates.
Freeport has signed a definitive share purchase agreement on June 25 with Carpo Resources and has agreed to issue 20,000,000 common shares. The transaction remains subjective to the approval by TSX Venture Exchange and cannot conclude until the approval is received, says Freeport.
Carpo controls Era Resources, a corporation established under the laws of the Cayman Islands, which has the exploration license for the Yandera Project.
The Yandera Project has indicated measured and resources of 727mn mt grading 0.39pc copper equivalent with inferred resources of 231mn mt grading 0.32pc copper equivalent.