Thor Mining PLC (LON:THR)(ASX:THR) has signed a Memorandum of Understanding for the vending of its interest in the Kapunda copper project into a new copper-focused company, Enviro Copper LTD.
It is intended that Enviro Copper will seek a listing on a recognised securities exchange in the near term.
Enviro Copper will hold earn-in rights for up to 75% of both the Kapunda copper project and the Moonta copper project.
Thor Mining PLC will hold up to 30% equity in Enviro Copper prior to any listing, and eligible Thor Mining Shareholders will hold the first option to invest in any listing of the new entity.
The Kapunda copper project hosts an inferred resource of 119,000 tonnes of contained copper, while Moonta holds between 238mln tonnes and 310mln tonnes of ore at grades of between 0.18% and 0.23% copper.
Both projects are amenable to in-situ leaching.
"The non-invasive production technique of in-situ recovery of copper has the potential to co-exist without significant disruption to farming and once completed, have little to no impact on future agricultural land use. This is a very exciting development in our copper strategy, potentially adding significant scale to our copper interests."