Australia-based Titan Minerals has announced a binding deal with a subsidiary of Gina Rinehart’s Hancock Prospecting to acquire up to an 80% interest in the Linderos copper project, in Ecuador.

Hanrine will earn an initial 5% interest in the Linderos project by paying $2.01-million and can earn up to an 80% interest in the copper project by either achieving specific exploration milestones and proceeding to a decision to mine or by sole funding up to $120-million.

“The joint venture and earn-in agreement represent endorsement of what we believe is an exciting early-stage porphyry copper/gold discovery,” said CEO Melanie Leighton.

She said technical discussions between Titan and Hanrine were well advanced to start exploration activities at the project, with the first priority being the expansion of the camp to ensure efficient operations once drilling started.

Hanrine, Leighton added, had a well-established team in-country with the technical capability and financial capacity to advance the project.