Vale Base Metals (VBM) and Canada’s Ero Copper have entered into a strategic agreement to develop the Furnas copper project in northern Brazil, aiming to enhance copper output. Ero Copper acquired a 60% stake in the project from VBM's subsidiary, Salobo Metais, as part of an earn-in agreement initiated last October.
The project, located in the Carajas mountains—a key region for copper and iron ore production—will undergo exploration drilling over the next five years. Upon completion of the drilling and a feasibility study, the companies will form a joint venture, granting VBM an 11% "free carry" on certain capital expenditures related to project development.
Ero Copper had previously outlined that this agreement would proceed in three phases following its signing. The companies aim to maximize the potential of the Furnas deposit. VBM expressed its enthusiasm for collaborating closely with Ero Copper to evaluate the deposit’s potential.
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