Excerpt from the Australian:
BHP Billiton has struck another deal with a junior company to secure exploration ground around its vast Olympic Dam copper, gold and uranium mine in South Australia.
The latest deal is with Archer Exploration, best known for its graphite exploration interests.
It is to receive $8 million from BHP for five exploration licences covering 3700sq km of its West Roxby project, 90km southwest of Olympic Dam.
The two companies were originally proposing a joint venture on the exploration ground under which BHP would have earned an interest in the ground. But that December agreement is now superseded by the outright sale.
The deal increases Archer's cash holding to more than $12m, or 38 per cent, of its $30.8m market capitalisation. Its shares rose 5c, or 14.2 per cent, to 40c.
Excerpt from the Australian:BHP Billiton has struck another deal...
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