Empire Metals Ltd on Wednesday purchased a 70% stake in three ‘highly prospective’ Australian-based copper-gold projects from Century Minerals Pty Ltd.

The London-based explorer and developer focused on Australia paid A$100,000 in cash, or £57,870, and with 16.8 million Empire shares for the interest in the Walton, Pitfield and Stavely projects. It noted that the shares it issued represented a 5% stake in its share capital at signing.

Empire agreed to spend a minimum of A$1.4 million on the exploration of the projects within 24 months of the date of acquisition. This may be extended by a further 12 months should either the Walton or Stavely tenements not be granted within 12 months of acquisition, it said.

Empire also agreed to pay Century performance-based payments.

Empire stated that the acquisition has the potential to transform it into a significant explorer and developer in Australia. Further, it will complement its existing Eclipse and its Gindalbie project in Kalgoorlie, Australia.

Empire Metals shares were trading 3.9% higher at 1.35 pence each in London on Tuesday morning.

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