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Shares in Kincora Copper (ASX:KCC) were up 36.1% heading into lunchtime trades as AngloGold Ashanti takes an interest in the company’s copper-gold project.

That project is the Northern Junee-Narromine Belt Project (NJNBP), which includes two key licences. Kincora is listed on both the ASX, and in Toronto; the project is located in Australia, NSW.

The move reflects the latest multinational heavyweight to start eyeing Australian junior-stage projects, with South32 (ASX:S32) revealing its interest to earn-in on Hammer Metals (ASX:HMX) earlier this week on Monday.

But AngloGold Ashanti have been particularly busy. Just last week, Tanzania-based graphite player EcoGraf (ASX:EGR) announced AngloGold Ashanti would be spending $14M on-site its project in much the same way.

Graphite, and now Kincora Copper – it appears as if the multinational is looking for critical minerals assets without needing to shoulder the hard work (and large costs) of starting up its own projects wholemeal.

At the larger end of town, this is largely why BHP Group (ASX:BHP) wants to acquire Anglo American, a similarly-named but seperate UK-based international mining giant.

Zooming in on the AngloGold-Kincora deal, the former must spend $50M to earn an interest up to 80% – a more expensive earn-in agreement than that posed by EcoGraf, perhaps suggesting greater interest in copper (and gold) on-site Kincora’s acreage.

A second Canada-based entity, Inflection Resources (listed in Canada) was also party to a recent AngloGold JV.

As for the Inflection-held areas, AngloGold has already spent more than $6M in those areas over the last year. Drilling is slated to go underway at Inflection’s Duck Creek target, which is immediately adjacent Kincora’s NJNBP.

At the same time, AngloGold can get to 70% by spending half of that, but is only obliged to spend at least $2M.

“AngloGold, a successful greenfield explorer, is already investing in the belt with drilling programmes on neighbouring projects and clearly shares our view of the NJNB having the potential to yield a new district of Tier-1 gold rich copper porphyry system discoveries,” company management said.

“This is virgin exploration territory and a major opportunity.”

KCC last traded at 5cps.

KCC by the numbers
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