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Freeport adds to Serbian interests

Freeport-McMoRan (NYSE: FCX) is expanding its interests in Serbia through an earn-in agreement with Mundoro Capital (TSXV: MUN).
Freeport adds to Serbian interests Freeport adds to Serbian interests Freeport adds to Serbian interests Freeport adds to Serbian interests Freeport adds to Serbian interests

Mundoro’s Serbian projects

Staff reporter

The copper major is already earning-in to takeover target Nevsun Resources' Timok Lower Zone copper-gold project in Serbia.

Mundoro said Freeport-McMoRan Exploration Corp could earn up to 75% of its Savinac and Bacevica exploration licences by sole-funding expenditures of up to US$45 million.

It said Savinac had epithermal and porphyry targets marked by copper-molybdenum-gold-silver-lead-zinc geochemical anomalies, and Bacevica directly south had 8km of linked hydrothermal alteration.

Mundoro said the company was continuing to have discussions regarding potential joint ventures for its two Timok South licences and its licences in Bulgaria.

It also has as an earn-in with JOGMEC over its Timok North project.

"This agreement is our third partnership in Serbia, which reflects the continued industry interest in Timok, the Tethyan Belt and demonstrates the prospectivity of Mundoro's land package within this region," president and CEO Teo Dechev said.

In Freeport's latest results, president and CEO Richard Adkerson said the company maintained a positive outlook for copper prices.

"Despite the recent decline in copper prices associated with the uncertain impact on the global economy of recent international trade actions, we remain positive on the outlook for copper prices given limitations on supply and the important role of copper in the global economy," he said.

Freeport shares closed US9c higher to $16.08 yesterday while Mundoro touched a 52-week high of C20.5c intraday and closed up more than 29% to 15.5c.