Freeport eyes copper project


FREEPORT Resources is expanding its footprint in the country with a planned acquisition of the Yandera copper project in Madang.
Last month, the firm signed a share purchase agreement to issue 20 million shares to privately-held Carpo Resources for its Era Resources and Yandera project.
The company said the completion of the transaction was subject to the approval of the TSX Venture Exchange. It cannot be completed until such approval is received.
The move follows Freeport’s acquisition of the Star Mountains copper-gold project in Western, 25km from Ok Tedi.
The Yandera project is an igneous, intrusive-hosted, structurally controlled copper porphyry system with ancillary molybdenum and gold.
It is located 95km southwest of Madang.