BHP and Kingsrose Mining have struck an exploration alliance that will see the Big Australian fund the junior’s nickel-copper exploration in Norway and Finland.
BHP will fund up to $87 million across the project generation and earn-in phases, leaving the major with the option to establish a joint venture with Kingsrose once the targets become defined projects.
“The terms of these alliances are industry-leading in how they foster collaboration and the opportunity for mutual value creation between a major and junior company,” Kingsrose managing director Fabian Baker said.
“The exploration tenements held by Kingsrose in Norway and Finland represent a rare exploration opportunity with respect to their scale and prospectivity for discovery.
“The alliances will see significant exploration expenditure across these mineral belts with the objective of discovering Tier-1 mineral deposits.”
The alliance follows Australian-based Kingsrose’s participation in the BHP Xplor program, a six-month accelerator course for early-stage explorers looking to fast-track and de-risk their geologic concepts and become investment ready.
“BHP developed the Xplor program to address the challenge of declining global discovery rates by building an industry-first platform for cross-industry collaboration, talent sharing and lifting of exploration operating standards,” BHP exploration vice president Sonia Scarcelli said.
“BHP is pleased to continue its collaboration with Kingsrose who represent a leading explorer both technically and in their responsible approach to mineral exploration.”
Kingsrose has identified two highly prospective mineral belts in Norway and Finland that are host to numerous historical and recent mineral discoveries.
“We look forward to continuing our collaboration with the team at BHP and delivering successful and responsible exploration in Norway and Finland,” Baker said.
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