Kincora Copper (ASX:KCC) and AngloGold Ashanti have signed an amendment to their earn-in and joint venture agreement for a second joint venture in the Northern Junee-Narromine Belt of the Macquarie Arc in Australia supporting total expenditures of up to AU$100 million, according to a Monday Australian bourse filing.
Under the amendment, AngloGold may earn 70% interest by spending AU$25 million with an option to increase to 80% with additional funding or studies while the company remains the operator earning a 10% management fee.
The agreement accelerates drilling plans to expand to ongoing drilling at the Nyngan project and a new drilling program to start at the Nevertire and Nevertire South projects.
The company's shares were up 10% in recent Tuesday trade.
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