News: Sandfire Forms JV with Breakaway

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Copper producer Sandfire Resources NL (ASX:SFR) has formed a JV with Breakaway Resources Limited (ASX:BRW) and bought a 6.3 per cent stake in the junior explorer. 

 

Under the farm-in joint venture Sandfire will join Breakaway in the continued exploration of its Broader Altia Project in north-west Queensland.

 

The JV gives Sandfire the option to earn up to an 80 per cent interest by injecting funds into exploration over the next six years.

 

Sandfire will also pay $600,000 for a 6.3 per cent stake in Breakaway Resources which will make Sandfire the third largest shareholder.

 

Sandfire booked a net loss of $19.5 million in the first half of the 2012 financial year.