Australian copper mine Sandfire Resources has acquired an 85pc stake in Red Bore, a copper deposit, which is in close proximity to its DeGrussa copper-gold project.
The Red Bore project, according to a May 2012 feasibility study, contains 48,000mt of copper, grading at 2.9-4pc. It is about a kilometer away from the DeGrussa mine. With an 85pc stake in the project, Sandfire will now synergize operations at the adjacent copper projects.
The value of the transaction has not been disclosed but Ora Gold, the previous owner of the tenement, has retained 15pc ownership as of now. The latter may put up its remaining stake for sale in the short- to medium-term.