OZ Minerals and Minotaur Exploration have mutually decided to end an exploration collaboration in the Prominent Hill area of South Australia.
The two companies formed the partnership in October 2015, with OZ hoping to add new resources through exploration to increase its future copper production profile in the Gawler Craton region.
However, Minotaur managing director Andrew Woskett said the two companies concluded that regional prospects for shallow copper mineralisation were limited, causing them to discontinue the trial phase of collaboration.
“The Alliance effort and aims were nonetheless worthy as they provided a constructive model for mid-tier – junior explorer cooperation, on which to strengthen their working relationship,” Woskett said.
“Minotaur appreciates OZ Minerals having provided the opportunity to explore OZ’s tenements.”
OZ owns the Prominent Hill copper-gold mine, a high-grade operation launched in 2009 that now produces more than 100,000 tonnes of copper and employs around 1200 people.