PRECIOUS METALS

Newmont, Agnico JV funds start to flow in Colombia

Newmont and Agnico Eagle Mines’ 50:50 joint venture company in Colombia has made its first payment towards the Anzá project, owner Orosur Mining said yesterday.

Staff reporter
 Orosur Mining’s Anzá project in Colombia

Orosur Mining’s Anzá project in Colombia

Orosur was hopeful exploration could resume at the gold project next month, depending on the local COVID-19 situation.

The two gold producers formed the JV two weeks ago, to explore the Anzá project and other prospective "district-scale" gold targets in Colombia. 

The JV has assumed Newmont's rights to earn into Anzá.

Orosur said it had received about US$650,000 from the JV company Minera Monte Águila, which was the first payment of the required $4 million expenditure for the 12-month period that started on September 7.

It said its subsidiary and Monte Águila staff had developed detailed exploration plans, and it was hoped geophysical surveys and drilling would be underway in early November "if current positive trends continue".

"Clearly the COVID-19 pandemic is presenting challenges to remote exploration that were not expected at the start of the year," Orosur CEO Brad George said.

"However, the operating protocols that we have established are allowing our diligent and professional staff to plan and implement as near to a full exploration programme as could be achieved under these trying circumstances."

Newmont held about 18% of Orosur at the end of March.

Orosur shares (TSX: OMI) closed down 5% on Friday ahead of Toronto's long weekend.

At C28.5c, the company is capitalised at $45.7 million (US$34.8 million).

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.