Inca Minerals Ltd. confirmed Jan. 17 that South32 Ltd. agreed to provide US$9 million in exploration funding under phase one to acquire a 60% interest in the Greater Riqueza silver-zinc-lead project in Peru.
South32 will provide the funding over four years, after which it will acquire the 60% interest.
The companies agreed to extend the 90-day negotiation period to March 15. Inca said the talks are "progressing very well."
The deal remains subject to a final earn-in agreement.
South32 exercised its exclusive option to earn up to a 70% interest in the project in August 2018. The initial finding for phase one was then stated as between US$8 million and US$10 million.