Ariana Resources PLC (AIM:AAU) said investee Venus Minerals Ltd will create a 50:50 joint venture with a leading mining company in Cyprus to develop the Apliki copper mine.
It also announced that Venus is seeking to list in London before the end of 2021.
Venus, which will be the operator of Apliki, has completed a Heads of Terms agreement with the unnamed company and a definitive agreement is expected to be concluded by mid-November.
“This joint venture agreement with a leading Cypriot mining company for the development of the fully-permitted Apliki copper mine…ensures Venus can fast-track the project to the mining stage within 18 months following its proposed stock exchange listing,” said Ariana Managing Director Dr. Kerim Sener.
Apliki contains mineral resources of 10.4 million tonnes at 0.34% copper, he said.
“We look forward to supporting Venus in its further development and in particular its proposed listing in London,” he added.
Ariana can earn-in to 50% of Venus and has to date earned into an entitlement of 37.5%. It expects to increase this earn-in to 50% early in the fourth quarter of 2021.