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Gold Fields may invest $48 million to advance Torq Resources’ early-stage Santa Cecilia copper-gold project in Chile, according to a preliminary joint venture agreement.
The potential deal shows another example of gold majors expanding exposure to copper for its energy transition demand. The second stage is for a further 24% in the project for $30 million over 42 months. If one company’s share is diluted to less than 10%, its ownership interest in the joint venture is to be converted into a 2% net smelter royalty capped at $20 million, the companies said.
Torq also holds the early-stage Margarita iron oxide-copper-gold project about 65 km north of Copiapo. Drilling at the Falla 13 target there in 2022 cut 90 metres grading 0.94% copper and 0.84 grams gold and a separate 98 metres of 0.94 grams gold and 0.68% copper. Last year, crews found a parallel mineralized structure 200 metres west of Falla 13 intersecting 42 metres at 1.1 grams gold and 0.48% copper.
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