Copper producer Sandfire Resources has agreement to purchase Talisman Mining’s 30% interest in Springfield joint ventures in West Australia for $72.3m.

The sale and purchase agreement also includes an ongoing 1% net smelter return (NSR) royalty payable to Talisman on any future discoveries at the Springfield joint ventures.

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“We are pleased to be progressing this transaction to consolidate our interests in the Monty Project and surrounding tenement interests.”

Sandfire will also pay stamp duty in relation to the transaction, as well as other transaction costs.

Sandfire CEO Karl Simich said: “We are pleased to be progressing this transaction to consolidate our interests in the Monty Project and surrounding tenement interests.

“While copper prices have come down in recent weeks we remain committed to this acquisition and its value for shareholders of Sandfire and Talisman, and strongly believe in the building future strength in the copper market.”

The Springfield joint ventures include the Monty copper-gold deposit to feed Sandfire’s nearby DeGrussa copper-gold mine and the surrounding exploration tenements.

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The Monty copper-gold deposit is being developed as a new satellite underground mine.

As part of the deal, Sandfire will assume 100% ownership of the Monty copper-gold mine and surrounding exploration tenure. It strengthens the company’s exploration and development pipeline in the Bryah Basin.

In addition, the company will receive 2.25% gross revenue royalty from Taurus Mining Finance Fund payable on 30% of the copper and gold produced including 29,700t of copper and 16,500oz of gold from the Monty deposit area.

Sandfire will fund the acquisition from its existing cash reserves of $243m.