trending Market Intelligence /marketintelligence/en/news-insights/trending/IZbY1lFEIQLzJYIr1eJKmw2 content esgSubNav
In This List

Hammer to purchase Millennium copper-cobalt-gold JV

Blog

Japan M&A By the Numbers: Q4 2023

Blog

Infographic: The Big Picture 2024 – Energy Transition Outlook

Case Study

An Oil and Gas Company's Roadmap for Strategic Insights in a Quickly Evolving Regulatory Landscape

Blog

Essential IR Insights Newsletter Fall - 2023


Hammer to purchase Millennium copper-cobalt-gold JV

Chinalco YunnanCopper Resources Ltd. and ElementosLtd. terminated their Millennium joint venture as part of the sale ofElement Minerals Australia Pty. Ltd.to Hammer Metals Ltd.,the companies said in separate May 4 statements.

Element Minerals holds the five mining leases that form the Millenniumjoint venture in Queensland, Australia. Historical drilling in the area intersectedup to 19 meters at 1.27% copper, 0.38% cobalt and 0.7 g/t of gold including 6 metersat 3.45% copper, 0.32% cobalt and 2.0 g/t of gold.

In September 2013, Elementos entered into a with Chinalco Yunnanto develop Millennium, in which Chinalco can earn up to 70% in the project. Chinalcostill had some A$400,000 in exploration spending by September to earn an initial51% interest in the leases.

In exchange for the Millennium mining leases, Hammer will issue500,000 of its shares to Chinalco Yunnan and pay A$57,950, including the replacementof an environmental bond, to Elementos.

Elementos CEO Tim McManus believes the sale as "releasingvalue from noncore assets" and stressed that the company's focus remains onthe staged developmentof the Clevelandtin-copper-tungsten project in northwest Tasmania.