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Coda Minerals boosts copper project ownership
Coda Minerals has secured an additional 19 per cent interest in the Elizabeth Creek copper project in South Australia from Torrens Mining, increasing the company’s ownership of the project to 70 per cent.
The farm-in agreement between Coda and Terrace at Elizabeth Creek will see the two companies form a joint venture (JV) once the $8.62 million expenditure limit, which is expected in the first half of 2021.
Coda increased its stake by fulfilling the $2.75 million earning obligation under the farm-in agreement, with the company now having the option to add an additional 5 per cent interest by paying $1.5 million.