Mining License Granted for the Maravaia Copper Project in Brazil

Lara Exploration (TSXV:LRA) has reported that Mineração Maravaia has been granted its mining license for the Maravaia Copper Project, located near the town of Curionópolis in the Carajás Mineral Province of Northern Brazil.

According to the company the Maravaia Project is being developed under an option agreement with Tessarema Resources which in turn has a loan and offtake agreement with Ocean Partners UK to provide US$6.5 million in loans towards project development, construction costs and working capital for Mineração Maravaia and the Maravaia Copper Mine.

As quoted in the press release:

“Lara holds a 5 percent fully-carried interest in Mineração Maravaia Ltda., and a 2 percent net smelter return royalty on any production from the Maravaia Project and the other mineral rights covered by the original Curionópolis option agreement with Tessarema. If Tessarema does not achieve commercial production by November 26, 2018, it will make an additional US$1 million cash payment to Lara and if Tessarema defaults on its loans, Ocean Partners has agreed to recognise Lara’s 2 percent royalty over the properties.

Click here to view the full Lara Exploration (TSXV:LRA) press release.