Queensland Mining Corp. Ltd. and its subsidiaries Sierra Line Pty. Ltd. and Mt. McNamara Pty. Ltd. inked an option and joint venture agreement with Teck Resources Ltd. unit Teck Australia Pty Ltd. on the White Range copper project in Queensland.

Under the agreement, Teck was granted an option to earn a 70% interest in the White Range #1, Kuridala South, White Range Consolidated and Copper Canyon East tenements.

Teck may elect to exercise the option by spending A$500,000 on exploration within 18 months from March 31, 2017, and an aggregate A$3.8 million on exploration within four years from the option exercise.

Upon Teck exercising the option, the companies will participate in further exploration and development of the tenements under a contractual 70/30 joint venture.

According to Queensland Mining's Dec. 20 news release, Teck will have a 70% interest in the joint venture with Queensland Mining and its subsidiaries taking an initial 30% interest.

Each participant will cover costs and liabilities incurred by the joint venture proportionate to its interest. If either company's interest decreases below 10%, a 5% net profits conversion royalty will be applied.