Avanco has agreed terms for an option to acquire 100% of the Pantera copper project (Pantera) from Vale S.A. (Vale).
Pantera is located near to Avanco’s existing operations in the world class Carajás Mineral Province, Brazil, and has the potential to significantly add resources, reserves and a longer-term production profile for the company.
Tony Polglase, Managing Director, commented: “We are delighted to close this transaction with Vale and believe this is testament to Avanco’s credibility in Brazil, ability to grow our footprint in Carajás and ultimately to significantly increase production and longevity.”
There has been extremely encouraging high-grade copper results from historic drilling. An initial 5000 m drilling programme is currently being assessed and will begin during 1Q18, with a maiden JORC Mineral Resource to be defined.