Antofagasta Minerals options up to 65% of copper project in US - Chile

Chilean copper producer Antofagasta Minerals has signed an agreement to earn up to 65% in Duluth Metals' (TSX: DM) Nakomis copper-nickel project in the US state of Minnesota, the former reported in a statement.
Antofagasta agreed to invest US$130mn in the project over three years to earn 40%. If the company completes an economically viable feasibility study it can earn 25% more.
"This transaction is in line with our strategy to seek and acquire high quality mineral resources in order to improve our growth outlook in the long term," Antofagasta CEO Marcelo Awad said.
Nakomis has 274Mt grading 0.6% in inferred copper resources and also has nickel, platinum, palladium and gold.
Antofagasta Minerals is owned by London-based Antofagasta plc (LSE: ANTO), which in turn is controlled by Chile's Luksic group.