Australian mineral exploration and development company Elementos has signed a binding Heads of Agreement (HoA) to acquire Eurotin’s Oropesa tin project located in Spain.

The acquisition is set to expand the company’s portfolio of advanced, near-production tin assets.

Oropesa is an undeveloped tin resource with a significant Joint Ore Reserves Committee (JORC) mineral resource based on more than 54,000m of drilling.

“The acquisition of Oropesa is a perfect opportunity to acquire a complementary high-quality tin asset at an attractive price.”

It has JORC measured and indicated resource of 9.34mt at 0.55% tin, and inferred resource of 3.2mt at 0.52 % tin.

The project, which has a concession package covering an area of 14.51km², has open-cut mining potential, as well as access to development infrastructure.

Under the terms of the agreement, Elementos will issue one billion fully paid shares to Eurotin’s shareholders in consideration for all of the issued and outstanding shares of Eurotin’s Spanish subsidiary Minas de Estano de Espana (MESPA).

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MESPA has a 96% interest in the Oropesa tin project. The Elementos shares will be issued at a price of A$0.006 per shares for an aggregate purchase price of A$6m.

Elementos chairman Andy Greig said: “The acquisition of Oropesa is a perfect opportunity to acquire a complementary high-quality tin asset at an attractive price.

“The company has a team with significant experience and expertise in the tin business including CEO, Chris Creagh, who worked at the Renison tin operations. Chris has a deep understanding of tin orebodies and mineralisation, and has previously developed projects from concept through to production.”

The transaction will be completed following the completion of due diligence and receipt of shareholder approvals.

A definitive feasibility study (DFS) is currently underway, and a mining licence application has been submitted.

Once the transaction is closed, Elementos will focus on completion of the DFS and securing off-take and project financing. The DFS is expected to be completed in the fourth quarter of this year.