Wednesday, 12th October 2005 (4191 views)

Teck Cominco, one of the largest Canadian mining firms, will invest a significant amount of money in a gold and copper project.

The company is planning to $16 million in a mining venture in Gawler Craton in South Australia.

The area is 100 kilometres away from Olympic Dam, and was recently reported to have good mining potential by RMG Services.

Teck Cominco will have the option of buying the property and will join the venture as a joint partner.

Paul Holloway, minister for mineral resources in South Australia, believes Teck Cominco's investment is important for the region and will boost its mining industry.

He told the ABC (Australia): "I think it will greatly increase the chances of these mineral exploration finds being further developed in the future."

 

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