Fortescue has been trying to find the extension of Cadia’s rich gold and copper geology for the best part of a decade, after previously helping to fund exploration in the district through a privately held explorer called Gold and Copper Resources Pty Ltd.The iron ore miner will pay $3.7 million for a 19.9 per cent stake in Magmatic, which also has exploration projects near Parkes and Wellington.
The iron ore miner could spend a total of $17.7 million over six years on drilling Magmatic’s targets and buying shares. The partnership illustrates the effort Fortescue is making to diversify into other minerals, as well as its highly publicised pivot into clean energy products.
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