Quaterra Resources Inc. (QTA:TSX.V; QTRRF:OTCQX) announced in a news release its subsidiary Singatse Peak Services entered an agreement with Atlantic Richfield Co. to facilitate state-regulated clean-up of the Anaconda copper mine site on Quaterra's Yerington, Nev., property.
This development paves the way for Atlantic Richfield to remediate the contamination and other environmental issues at the site, thereby eliminating lingering concerns about Singatse's potential liability for other miners' previous activity there. It also allows Singatse to explore and develop its Yerington copper project during the clean-up process.
"Today's agreement with Atlantic Richfield marks a critical milestone in derisking Quaterra's Yerington copper project," Quaterra Chairman and CEO Tom Patton said in the release. "It is part of a privately funded process that we believe will enable the Yerington mine site to be remediated more quickly and more efficiently than under the Environmental Protection Agency's Superfund process."
Per the agreement, effective June 1, 2019, Atlantic Richfield will plan, fund and implement a remedy for the portion of the site previously owned by Arimetco.
The agreement also indicates Singatse may consolidate its land position in Yerington and potentially convert certain U.S. Bureau of Land Management mining claims into private land transferred to it at a nominal cost without attached liability for prior mining activity.
"It memorializes the parties' commitments concerning cooperation, access, property rights, liabilities, federal land acquisition and ensures preservation of Singatse's property and mineral rights," the release noted. "The agreement also contains covenants not to sue and indemnification provisions between the parties."
Completion of the clean-up work, to be done in phases, is targeted for 2029.
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