Exploration company Ormonde Mining says it has entered talks with what it calls a 'major mining company' on its La Zarza project in southern Spain.
Ormonde says that, under the deal being discussed, the new investor would have the right to earn a 51% stake in La Zarza over a three-year period by spending $7m on extended exploration activities. These would look at the site's potential to host much larger resources of copper.
After this, the new investor could earn a 75% interest by completing a feasibility study on a mining project.
Ormonde says the deal is subject to the signing of contracts, and some legal and environmental due diligence. It expects the deal to be complete by the end of September.
