{"id":1156794,"date":"2019-12-20T12:28:23","date_gmt":"2019-12-20T18:28:23","guid":{"rendered":"https:\/\/www.mining.com\/?p=1009816"},"modified":"2019-12-20T12:28:23","modified_gmt":"2019-12-20T18:28:23","slug":"south32-canadas-trilogy-metals-to-jointly-develop-alaska-project","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1156794","title":{"rendered":"South32, Canada\u2019s Trilogy Metals to jointly develop Alaska project"},"content":{"rendered":"<p>Australia\u2019s&nbsp;South32&nbsp;(ASX, LON:S32) and Canada\u2019s Trilogy Metals (TSX, NYSE:&nbsp;TMQ)&nbsp;have <a href=\"https:\/\/trilogymetals.com\/news\/2019\/south32-and-trilogy-metals-to-form-upper-kobuk-mineral-projects-joint-venture\"  rel=\"noreferrer noopener\" aria-label=\"agreed to become equal partners (opens in a new tab)\">agreed to become equal partners<\/a> in their existing joint venture to develop copper-base metal projects in northern Alaska, US.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The new partnership structure comes as the Australian major exercised an <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/mining.com\/web\/trilogy-metals-waiting-acquired-south32\/\" >option acquired in 2017<\/a> to buy a 50% interest in Upper Kobuk Mineral\u00a0Projects (UKMP), located in Alaska\u2019s Ambler mining district.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>The UKMP projects have a combined resource of 8 billion pounds of copper, 3 billion pounds of zinc and 1 million ounces of gold equivalent.<\/p>\n<\/blockquote>\n<\/figure>\n<p>The move, South32 said, will help it<br \/>\nexpand its portfolio in North America.<\/p>\n<p>\u201cForming the UKMP Joint Venture will be another important milestone as we reshape and improve our portfolio, by adding high-quality copper and base metals development options,\u201d South32\u2019s chief executive officer, Graham Kerr, <a href=\"https:\/\/trilogymetals.com\/news\/2019\/south32-and-trilogy-metals-to-form-upper-kobuk-mineral-projects-joint-venture\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said in the statement<\/a>.&nbsp;<\/p>\n<p>The partners will retain $87.5<br \/>\nmillion of the $145 million subscription payment to fund exploration plans. The<br \/>\nrest will be loaned back to South32, which will be repaid in installments.<\/p>\n<p>The UKMP projects have a combined<br \/>\nresource of 8 billion pounds of copper, 3 billion pounds of zinc and 1 million ounces<br \/>\nof gold equivalent.<\/p>\n<p>The companies said they\u2019ll complete<br \/>\na feasibility study on Arctic, one of the most advanced UKMP projects, during<br \/>\nthe first quarter of 2020.<\/p>\n<p>The proposed mine is expected to<br \/>\nproduce more than 159 million pounds of copper, 199 million pounds of zinc, 33<br \/>\nmillion pounds of lead, 30,600 ounces of gold and 3.3 million ounces of silver<br \/>\nover a 12-year mine life.<\/p>\n<p>The assets still have vast exploration potential, which has been a key attraction for South32.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Move, will help South32 to expand its portfolio in North America.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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