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City Holding Co Enters into letter of intent for joint venture with Qatar Mining on the ocaña project

Friday, 27 Dec 2013 10:00am EST 

City Holding Co:Says it has entered into a non-binding letter of intent (the LOI) with Qatar Mining (QM) with respect to the development of the Ocaña Copper Project, located in the Arequipa region of Peru.Says Pursuant to the terms of the LOI, it is expected that QM will own 51 pct of the JV Company after completion of the initial earn in payment, with Indico owning the remaining 49 pct.Says it is also expected that the board of directors of the JV company will consist of five members, three of which will be appointed by QM and two of which will be nominees of Indico.Says the LOI is intended to serve as a basis for the negotiation and execution of a definitive joint venture agreement.Says the Ocaña Property consists of 22 concessions covering 110.24 km2 and is located on the northwest extension of the Southern Peru Porphyry Copper Belt, a trend defined in part by the Toquepala, Quellaveco, Cuajone, and Cerro Verde Mines to the southeast.Says. 

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26 Nov 2014