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Orosur Mining (LON: OMI) shares jumped at the London open following the announcement that its Colombian Joint Venture partner, Minera Monte Águila SAS (Monte Águila), has elected to exercise its right to assume operatorship of the Anzá Project in Colombia.
Monte Águila is a 50/50 joint venture between Newmont Corporation (NYSE: NEM) and Agnico Eagle Mines Limited (TSX: AEM).
The Anzá Project is now in its fourth year of Phase 1, during which time Orosur said a further $4 million is required to be spent as part of the Exploration Agreement.
Orosur stated that the switch in operatorship is not expected to result in major changes, with most existing staff continuing in their current roles.
Furthermore, while Monte Águila manages the Anzá Project, Minera Anzá will continue to be the 100% owner of the licences, until Monte Águila has met its financial obligations concerning the Exploration Agreement.
Orosur CEO Brad George commented: “It is with pleasure that we note the decision by Monte Aguila to assume operational control of the Anzá Project and to move into the fourth year of Phase 1, during which time a further minimum of US$4 million is required to be spent. While little may change on the ground, the decision by our partners to step in and operate the project is testament to the scale of its exploration potential.”
Orosur Mining shares are currently up 10% at 22p. They initially climbed to 26.2p at the open.
Orosur Mining shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Orosur Mining shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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