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
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.