Canadian mining company Sandfire Resources has partnered with Havilah Resources to advance the Kalkaroo Copper-Gold Project in South Australia’s Curnamona Province. Sandfire will acquire an 80% stake in the project, known for its significant copper deposits with 1.1 million tonnes of copper and 3.1 million ounces of gold.

The acquisition involves an initial payment of A$117.6m, including cash and Sandfire shares. Sandfire CEO Brendan Harris sees the deal as a way to develop a large-scale, long-life, and low-cost project with potential for growth. The company plans to work closely with Havilah and local stakeholders to bring the project to life.

Sandfire’s option to acquire the 80% stake is dependent on completing a new pre-feasibility study, including extensive drilling. The company will also invest A$30m in regional exploration over two years as part of the agreement. Havilah retains a 20% interest in the project, benefiting from Sandfire’s expertise and capital.

The strategic alliance between Sandfire and Havilah aims to accelerate exploration in the Curnamona Province and develop the Kalkaroo project. With Sandfire’s financial and technical support, Havilah is optimistic about transforming the region into a major copper province. The partnership is expected to create significant opportunities for the community.

Read more at Yahoo Finance: Sandfire, Havilah to advance Kalkaroo copper project in South Australia