Kunene Resources (ASX:KNE) has requested a trading halt as it...

Kunene Resources (ASX:KNE) has requested a trading halt as it finalises details of an acquisition of a new exploration licence and related funding joint venture.

The trading halt is expected to remain until opening of trading on Wednesday 8th October 2014.

In March, First Quantum Minerals (TSE:FM) signed on to earn an interest in Kunene's Kaoko copper project in Namibia.

First Quantum is committed to minimum expenditure of US$2 million by July 2015 with an option to spend further US$5 million for 51% by June 2017;

First Quantum can also sole fund through to decision to mine for 80%, with decision to mine to be based on a minimum inferred resource size of 2 million tonnes contained copper.

The project covers close to 3500 square kilometres in an emerging minerals province with similar geology to the Central African Copperbelt.

Kunene is valued presently at around $2 million.

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