AQM Copper Inc. AQM Copper Inc. is a Canadian-based company, exploring and developing copper deposits in Southern Peru with a focus on the Zafranal property. AQM Copper is listed on the TSX-Venture and BVL exchanges, trading under the symbol "AQM".
AQM is the operator of a 50/50 joint venture with Teck Resources. Under the terms of the Joint Venture Agreement, Teck has the option of becoming the operator of Zafranal after a construction decision is made by the partners. The Zafranal Property is located in the resource rich district of the Southern Peru Porphyry Copper Belt, and is ideally situated amongst some of the world's largest operating copper mines. The Company has undertaken an extensive stakeholder relations program in an effort to fully consult with the local communities and regional authorities. There are no communities located on the Zafranal Property and the Property lies outside of agricultural activity.
On August 15, 2013, AQM Copper Inc. announced the completion of a transaction whereby Mitsubishi Materials Corporation ("MMC") invested US$22.60 million and committed an additional US$15.07 million to acquire a 40% interest in the Company's subsidiary, Minera AQM Copper Perú S.A.C. ("MAQM"). MAQM owns the Company's share of the Zafranal Project of a 50/50 joint venture company, Compañia Minera Zafranal, between MAQM and Teck Resources Limited. This investment results in MMC and AQM having indirect interests of 20% and 30% respectively, in the Zafranal Project in southern Peru.
The PEA Update (prepared by Tetra Tech) was commissioned to examine opportunities to develop a smaller, less capital-intensive project that would incorporate an alternative water source to desalinated seawater, while using the same long-term forecasted copper (Cu) and gold (Au) prices as those used in the January 2013 PEA, US$3.00/lb and US$1,274/oz, respectively.