Kingsrose gets bigger muscles
The exploration company Kingsrose has entered into a partnership with BHP, which is one of the largest mining companies in the world. Initially, the two will invest up to NOK 216 million in exploration in Finnmark.
The amount covers the first four years, large areas in Finnmark and is regulated through two exploration license agreements. If the exploration shows good results, the partnership agreement states that BHP will finance an additional estimated NOK 390 million over seven years, against 75 percent ownership in the projects. After that, Kingsrose and BHP will jointly finance further exploration and development of projects.
Kingsrose will continue to be the operator.
Going green
The partnership covers Finnmark and Central Finland and is particularly focused on exploration for critical minerals such as nickel and copper.
"We are proud of the recognition it gives that a company like BHP has faith in us as a company and the preliminary results of the surveys that have been carried out so far in both Finnmark and Finland," says CEO Aina Borch of Kingrose Finnmark and continues:
"The alliance between BHP and Kingsrose will first and foremost ensure predictability for what we have already planned for. We are now establishing our head office in Lakselv, and hiring an extra one, to be able to do a serious job also in relation to local communities and indigenous peoples. Our goal is to develop a green industrial project in Finnmark, and this requires a long-term perspective and is resource-intensive. Therefore, the collaboration with BHP is important for us and our exploration activity in Finnmark.
Kingsrose Mining Limited is listed on the Australian Stock Exchange. In a press release, CEO Fabian Baker says, among other things, the following about the goal of the partnership:
"This initiative aims to uncover potential mineral deposits that will help drive the world's clean energy revolution and develop these resources as a force for good in local communities, while protecting environmental values. Long-term success in these exploration efforts will lead to job opportunities and investment in the local area.
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LONG-TERM: CEO Aina Borch of Kingsrose Finnmark has been backed by a financially strong owner who secures the company's plans.
You can also find this article in Norwegian on the Norwegian Mineral Industry home page:
Aina Borch