Eagle Mountain Mining has signed a non-binding memorandum of understanding (MoU) with Japan’s Nittetsu Mining to jointly identify and consider potential new mineral projects.
The agreement will see the two companies collaborate to review and evaluate opportunities primarily focused on copper, gold, lead, lithium, nickel, silver and zinc, with the possibility to include other commodities.
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Target locations identified for assessment include Australia and North America, with other jurisdictions to be considered on a case-by-case basis.
The scope of projects ranges from early-stage exploration to more advanced exploration, pre-development, and production assets.
Both companies are already partners in the Oracle Ridge Project in Arizona, US, and the MoU builds on their existing collaboration.
The agreement sets out a framework for Eagle Mountain Mining and Nittetsu Mining to evaluate the technical, economic, and strategic aspects of new projects and to determine whether to proceed towards potential transactions together.
The MoU is effective for 24 months, unless both parties agree to extend or terminate it.
It does not impose any binding obligations, except for certain non-circumvention clauses, and does not require either entity to pursue any resulting transaction.
The arrangement is non-exclusive, allowing each company to independently consider or enter into similar agreements with other parties.
Eagle Mountain Mining executive director Fabio Vergara recently met Nittetsu’s management in Tokyo and visited the company’s research and development centre, where metallurgical samples from Oracle Ridge are set to be analysed.
Nittetsu overseas mineral resources business general manager Shinichiro Mita and Fabio Vergara said: “Nittetsu and Eagle Mountain are keen to grow their partnership beyond Oracle Ridge.
“This agreement is testament to the quality of the people involved, the trust we have in each other and the understanding that by acting collaboratively we can achieve better outcomes in this competitive environment.
“We are looking forward to working together with our respective teams to identify, review and acquire new projects capable of adding value to both our companies.”
