Quaterra Resources Shares Jump 7% on Prospect Sale to Freeport-McMoRan

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Quaterra Resources Inc. ( QMM ) has sold its Butte Valley porphyry copper prospect to Freeport-McMoRan Mineral Properties Inc. (FMMP), a division of Freeport-McMoRan Copper & Gold Inc. ( FCX ).

FMMP paid Quaterra $2 million, with a contingent acquisition bonus of $1 million possible in the future if FMMP acquires certain additional designated properties in the area.

Quaterra also retains the right, if and when FMMP completes a positive feasibility study, to elect to have either a 30% working interest in the project or a 2% NSR royalty.

QMM shares are up 7.1% to $0.375.

FCX shares are up 2.4% to $40.46.

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This article appears in: Investing , Commodities
Referenced Symbols: FCX , QMM

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