Australian mining giant Anglo American Corporation has agreed to join and help developing the Earaheedy iron ore joint venture project near Wiluna, Western Australia.
Earaheedy Joint Venture is a 50/50 joint venture to principally explore for iron ore and manganese mineralisation formed by Cazaly Resources Limited and Vector Resources Limited combining their respective tenement holdings in the Earaheedy Basin.
According to the agreement, the mining giant will be able to obtain an initial 51 percent stake in the project by paying A$1 million to the joint venture partners and spending A$20 million on further exploration and development within four years. Anglo-American has the option to increase its stake to 75 percent in consideration of a further A$5 million