Mining company the Helicon Group (ASX:HCG) said it had been issued an exclusive option to acquire Arequipa Resources, part-owner of a copper-gold project in El Serrano, Peru.
Helicon said it would only take the option if shareholders agree, and Arequipa provides the details of certain due diligence investigations.
The proposed transaction will take the form of a share trade, Helicon said.
If it proceeds with the proposal, Helicon will invest US$4 million ($4.6 million) in the Peruvian mining project, and will then jointly fund the project on a 50/50 basis with a joint venture partner.
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