Lara Exploration has agreed to acquire the Kenita property in Peru from BHP World Exploration Inc. Sucursal del Peru (BHP).

A mining rights transfer agreement has been signed between the two parties.

In exchange for the acquisition of the property, Lara Exploration will pay 1% net smelter returns royalty to BHP on any future production from the Kenita project.

Covering an area of 2,200ha, the Kenita property comprises five exploration licences situated adjacent to and surround Lara’s 400ha Puituco Project.

Located in the Huancavelica Department of Central Peru, the Puituco-Kenita property lies to the north of the Riqueza copper porphyry project.

In a press statement, Lara said: “With the consolidation of the Kenita property Lara intends to extend its surface mapping and sampling and undertake geophysical surveys (Mag and IP) and define targets for a scout drilling programme to test this potential.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Meanwhile, in a separate announcement, Wyloo Metals made an offer to acquire the shares it previously did not own in Canada-based Noront Resources for $0.56 (C$0.7) per share in cash.

The offer represents a 27% premium to the $0.44 (C$0.55) offer made earlier by BHP, which values 100% of Noront Resources at $257.83m (C$325m).

Commenting on Wyloo Metals’ offer, BHP said that its offer to acquire all of the issued and outstanding common shares of Noront via a takeover bid ‘is currently the only transaction available to Noront shareholders’.

Noront Resources is primarily focused on developing Eagle’s Nest nickel, copper, and palladium deposit in the Ring of Fire region in northern Ontario, Canada.

BHP chief development officer Johan van Jaarsveld said: “We have the financial strength, world-class mining expertise, and commitment to work in partnership with stakeholders to advance Eagle’s Nest and the Ring of Fire, which has the potential to deliver benefits to local communities, First Nations, and Ontario for years to come.”