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Property Status
- Agreement Terms
(last updated 30/06/2009)
The property is 100% owned by Minera Phelps-Dodge Peru S.A.C. (“Freeport-McMoRan”) and under the terms of the option-joint venture agreement signed by Minera Phelps-Dodge Peru S.A.C. and Minera Antares Peru S.A.C. on March 4, 2005, Antares can earn a 100% interest in the project by completing option payments totalling US$15 million over a five-year period. Antares paid US$750,000 upon execution of the agreement. All remaining payments are at the option of Antares. The option payments are due on each successive anniversary date of the agreement, in the following amounts ($US): $1,250,000 (note: paid March 4, 2006), $2,000,000 (note: paid March 4, 2007), $2,500,000 (note: paid March 4, 2008), $3,500,000 (note: paid March 4, 2009), and $5,000,000 (note: to be paid March 4, 2010). Antares will acquire a 100% interest in the Haquira project upon completion of all option payments. In addition, if a feasibility study is completed on Haquira, Antares will be obligated to make an additional payment to Phelps Dodge equal to US$0.01 for each pound of copper included as part of the mineral resource calculation in excess of 2.2 billion pounds.
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