Syndicated sells Barbara copper project to JV partner

ASX-listed Syndicated Metals has agreed to sell its 50% interest in the Barbara copper project, in north Queensland, to its joint venture partner CopperChem for A$2.3-million in cash and a net smelter royalty of between 1% and 2% on the first 10 000 t of copper-in-concentrate produced, subject to the copper price. Syndicated on Monday told shareholders that the transaction would allow the company to crystalise up-front value for its shareholding in the Barbara project, with the proceeds from the sale to be used for ongoing exploration and evaluation of the company’s Monument gold project, in Western Australia, and at its other projects in Queensland.