Newmont and Agnico Eagle form exploration joint venture in Colombia

Newmont Corp. has formed an exploration joint venture in Colombia with Agnico Eagle Mines Ltd. The 50:50 joint venture, which will be operated by Agnico Eagle, will explore the Anza project and advance other prospective gold targets of district-scale potential in Colombia. The Anza project is a gold exploration project, comprising exploration contracts and applications totalilng approximately 200 square kilometres located in the mid-Cauca belt in Colombia. Agnico will sole-finance the joint venture until expenditures equal Newmont’s previous investment in the Anza project (approximately $2.9-million). Thereafter the parties will continue financing on a 50:50 basis.

Source: Stockwatch