Skip to main content

South32 announces UKMP agreement

Published by
Dry Bulk,

South32 has entered into an option agreement with Trilogy Metals Inc., formerly NovaCopper Inc., in respect of Trilogy’s Upper Kobuk Mineral Projects (UKMP) located in the Ambler Mining District in Alaska. The UKMP includes the Bornite and Arctic deposits.

South32 will provide US$30M (Initial Funding) over three years, which will be used to test the extension of the high-grade copper resource at Trilogy’s Bornite deposit. The Initial Funding will be paid in tranches of US$10M/yr, with the decision to proceed to year 2 and 3 subject to exploration results.

At any time during the 3 year period South32 may exercise the option to form a 50-50 joint venture.

South32 Chief Executive Officer, Graham Kerr, said: “This is another step in our strategy to identify opportunities to add value to our portfolio by investing through the drill bit.”

“We are pleased to be partnering with Trilogy and NANA, the Inupiat-owned Alaska Native Corporation in the region, and we are looking forward to working together to explore the potential of the UKMP deposits.”

Read the article online at:

You might also like

Governments pledge action for seafarers

IMO’s Secretary-General has welcomed the commitment of 13 countries to facilitate crew changes and achieve key worker designation for seafarers, following a virtual ministerial summit hosted by the UK Government on 9 July 2020.


Embed article link: (copy the HTML code below):


This article has been tagged under the following:

Dry cargo shipping news