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Trilogy Metals, South32 to partner on Alaska project

|About: Trilogy Metals Inc. (TMQ)|By: , SA News Editor

Trilogy Metals (NYSEMKT:TMQ) +19.4% pre-market after saying South32 (OTCPK:SOUHY) exercised its option to buy a 50% interest in a joint venture company that will own the Upper Kobuk Mineral Projects in Alaska.

TMQ says it will contribute all of its assets associated with the UKMP and South32 will contribute $145M to the JV.

The JV will retain $87.5M of the $145M subscription payment to fund its activities and exploration programs with the balance of $57.5M loaned back to South32.

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