NEW YORK Anglo American Plc has entered into a joint-venture agreement to develop Altius Minerals Corp.s Natashquan nickel-copper-cobalt-platinum-palladium project in southern Labrador.
Anglo American has the option to earn a 66-percent interest in the project through agreed expenditures of $20 million over a five-year period, in addition to an initial investment of $650,000 this year.
"Altius will also be granted a 1-percent net smelter return royalty. Anglo American will be the operator during the earn-in phase and the initial manager to the joint venture," Altius said.
The 63,400-acre Natashquan property is about 90 miles southwest of Churchill Falls, Labrador.