Trilogy Metals (TSX/NYSE American:TMQ) has announced the completion of the formation of a 50/50 joint venture with South32 Limited (ASX/LSE/JSE: S32) to create the JV company, Ambler Metals.
As part of the formation of the joint venture, Trilogy contributed all of its assets associated with the 172,675-hectare Upper Kobuk projects, including the Arctic copper-zinc-lead-gold-silver project, and the Bornite copper-cobalt project.
South32 contributed US$145 million, resulting in each party owning a 50 percent interest in Ambler Metals. The funds will be used to advance the Arctic and Bornite projects, along with exploration in the Ambler mining district which both projects are located within.
As described in the press release:
Ambler Metals is an independently operated company controlled by Trilogy and South32 through a four member Board of Directors. Trilogy has appointed James (Jim) Gowans, Interim President and Chief Executive Officer and a Director of Trilogy and Kalidas Madhavpeddi, a Director of Trilogy, to the Ambler Metals Board. South32 has appointed Simon Collins, Chief Development Officer of South32 and Pat Risner, President of South32’s Hermosa Project, to the Ambler Metals Board.