By IANS
Santiago : Chilean state-owned copper giant Codelco and Canada’s Fortune Valley Resources Inc have announced a joint venture to explore for gold in the northern Antofagasta region, Spanish news agency EFE reported Friday.
In a statement Thursday Codelco said Fortune Valley would spend up to $3 million on exploration efforts and a feasibility study over the next six years in exchange for a 65 percent stake in the joint venture.
Codelco’s CEO, Jose Pablo Arellano, said the alliance was “a valuable opportunity to partner with a firm that has expertise in exploration and development of gold projects”.
The association “allows us to take advantage of our mining assets, thus adding value to the company and its stockholders”, Arellano said.
The area to be explored comprises 24,000 hectares adjacent to the El Peñon mine, is run by Yamana Gold.
Fortune Valley focuses on acquisition, exploration and development of high-quality gold and silver projects in Chile.