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Canadian mining company acquires copper licence

Published:Saturday | October 29, 2016 | 10:10 AM

Carube Copper Corp out of Canada is set to expand its mining operations in Jamaica following the acquisition of OZ Mineral Holdings in the island.

Under the terms of the acquisition, Carube has agreed to take back OZ Minerals’ 70 per cent interest in the Bellas Gate Joint Venture licences.

It will also purchase the other five licences covering some 276 square kilometres which are held by Oz.

This will take Carube’s total Jamaican mineral licences to 535 square kilometres.

Under the terms of the existing Heads of Agreement, Oz Minerals will transfer all its interests in their Jamaican properties to Carube Copper in return for cash payments together with a two per cent Net Smelter Return Royalty due after the commencement of commercial production.  

Carube says they plan to commit to the exploration and development of assets and to build on Oz Minerals’ CAN$14 million of exploration work over the last few years.

President and CEO of Carube Copper Jeff Ackert, says Carube plans to identify other promising mineral properties, thereby creating value through their exploration and development.

Meanwhile, Minister of Mining, Mike Henry says Carube’s involvement in Jamaica’s mining sector, will add value to the Jamaican economic landscape.

According to Minister Henry, this will assist in creating employment, as well as, showcase the diverse mineral offerings which exist in the island.