the canadian Chemino Corp. has signed a definitive agreement with Nittetsu Mining – a Japanese company listed on the Tokyo Stock Exchange – for the development of its copper exploration project Los Chapitos (Arequipa). Thus, the Asian company will be able to obtain a 35% stake in this property.

To achieve this percentage, Nittetsu will need to make payments and expenses totaling US$7.6 million (CAD 10,100,000) over three years.

“The funds will be applied to exploration, infill drilling, and metallurgical and engineering studies. After successful completion of the acquisition period, the project will become a joint venture.” explain Camino Corp..

In this joint venture, the Canadian mining company will hold a 65% interest, continue to operate Los Chapitos and retain 50% of the production.

“Nittetsu is an experienced copper mine operator and partner focused on financing our Los Chapitos project for a development decision,” commented Jay Chmelauskas, President and CEO of Camino.

READ ALSO: Camino Minerals Receives Permission to Expand Drilling at Arequipa Project

Regarding plans for said deposit, the executive has indicated that it will continue exploration of the property to expand known areas of copper mineralization to determine the potential size of the mine.

For his part, Shinichiro Mita, general manager of Nittetsu, underlined that the objective of the association with Path is to advance the Los Chapitos copper project to a pre-feasibility study during an initial investment period.

“We see strong geological and development potential at Los Chapitos and a dedicated Camino group that is committed to developing a copper business with us,” he noted.

In this way, he planned exploration to begin this month, taking into account mapping, geophysics and road access to identify and prepare high-priority drill targets.

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