Azure buys project from Canada's Teck

Mexico-focused mineral explorer Azure Minerals has inked an agreement with the Mexican subsidiary of Canada’s Teck Resources to acquire the Alacrán copper project, in the Mexican state of Sonora. Under the terms of the agreement, Azure would acquire full ownership of the Alacrán project by spending $5-million on exploration within the first four years of the agreement, as well as issuing 100 000 of its own shares to Teck on the signing of formal documentation, and a further 400 000 shares at the completion of the capital expenditure.