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

By MidnightTrader.com Staff,

Shutterstock photo

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

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

More from MT Newswires


MT Newswires

MT Newswires

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by BankRate.com