May 25, 2012
OZ Exploration Chile, a subsidiary of Australia’s OZ Minerals, has entered into an option agreement to acquire a 90% interest in the Copaquire project from International PBX Ventures for $90.3m, International PBX says. Under the agreement, OZ will make a small initial payment during a first stage of drilling in the copper-molybdenum project in Northern Chile, and be able to pay $10m for 10% in a second stage and $80m for another 80% after the second stage. The agreement is subject to shareholder and regulatory approval.