{"id":11167,"date":"2019-01-14T01:12:28","date_gmt":"2019-01-14T01:12:28","guid":{"rendered":"https:\/\/economicherald.net\/?p=11167"},"modified":"2019-01-14T01:12:28","modified_gmt":"2019-01-14T01:12:28","slug":"valor-brings-in-big-gun-rio-tinto-to-help-with-its-peruvian-project","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=11167","title":{"rendered":"Valor brings in big gun Rio Tinto to help with its Peruvian project"},"content":{"rendered":"

Valor Resources<\/a> has scored mining heavyweight Rio Tinto as its partner for the Berenguela copper, silver and manganese project in Peru.<\/p>\n

Investors loved the news, trading the hell out of the Perth-based minnow\u2019s (ASX:VAL) shares, which drove the price up 67 per cent to an intra-day high of 0.5c.<\/p>\n

Just before midday AEDT nearly 19 million shares had changed hands.<\/p>\n

Valor needs a boost after its share price bottomed at 0.3c in late December even while 21.5 million shares were traded, prompting the ASX to issue a share price query over the fall.<\/p>\n

The company revealed today that it has signed a joint venture option agreement with Rio subsidiary Kennecott Exploration Company.<\/p>\n

The deal will give Valor the $US700,000 ($971,461) it needs to cover its next payment to SSR Mining, the previous owner of the Berenguela project.<\/p>\n

Valor Resources (ASX:VAL) is desperate for a share price lift after hitting a 52-week low of 0.3c just before Christmas.<\/p>\n

Kennecott has also agreed to sink $US2m into exploration at the project over the next 12 months.<\/p>\n

Once that money has been spent, Kennecott can choose to give Valor a further $US3m to become an equal partner in Berenguela.<\/p>\n

Kennecott also has the option of taking its stake in the project to 75 per cent by solely contributing a further $US5m to the project within three years.<\/p>\n

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Valor chief Nick Lindsay told Stockhead<\/em> the partnership meant the junior explorer could \u201chave our cake and eat it too\u201d.<\/p>\n

\u201cThe project has a mineable resource already in place which can go into production,\u201d he said.<\/p>\n

\u201cWe\u2019re in a pre-feasibility study for that, but it also could well be the tip of a much larger copper system, which is really Kennecott\u2019s interest, and they have the technical capability to probe this thing a lot more \u2014 and the priority \u2014 than we do.<\/p>\n

\u201cIt gives us an opportunity to participate in a much, much bigger copper project than we\u2019d probably be able to do ourselves.\u201d<\/p>\n

Right now the Berenguela project hosts a resource of 45.9 million tonnes at 0.77 per cent copper, 86 grams per tonne silver, 0.28 per cent zinc and 5.1 per cent manganese.<\/p>\n

Dr Lindsay said Rio Tinto was just one of several companies interested in the project.<\/p>\n

\u201cMy predecessor Mark Sumner had talked to quite a few companies, and Rio Tinto has a presence in Peru,\u201d he said.<\/p>\n

\u201cWe had a number of companies coming through the property. This is a relatively high-grade system of some size. So [Rio Tinto] was always going to be interested in this.\u201d<\/p>\n

The post Valor brings in big gun Rio Tinto to help with its Peruvian project<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Valor Resources has scored mining heavyweight Rio Tinto as its partner for the Berenguela copper, silver and manganese project in Peru. 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