The Japan Oil, Gas and Metals National Corp. said on Friday that the independent administrative agency has signed a contract with Minotaur Exploration Ltd. of Australia to jointly explore mines in South Australia.
The Japanese agency will provide A$2 million over three years for the exploration of rare earth and copper mines in the Mabel Creek region and acquire a 51 percent stake in the exploration project.
It said it expects to discover large rare earth and copper deposits because the region is close to mines producing these resources.
Source: Trading Markets
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