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Kingsrose Mining (ASX:KRM) has entered into two industry-leading exploration alliance agreements with global mining giant BHP, focusing on the discovery of nickel and copper deposits across highly prospective mineral belts in Norway and Finland. The alliances, which follow Kingsrose’s successful participation in the BHP Xplor program, will see BHP provide significant funding for regional exploration over three stages, with the potential for joint venture development of any major discoveries.

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Under the terms of the alliances, BHP will initially sole fund up to US$20 million (A$31 million) in regional generative exploration over a period of up to 4 years. This Project Generation Phase will cover belt-scale areas of interest in Norway and Finland, with BHP having the exclusive right to select targets to become Defined Projects.

For each Defined Project, BHP may then earn up to a 75% interest in two stages by sole funding a further US$36 million (A$56 million) over 7 years. If BHP earns a 51% interest but fails to reach 75%, its interest will revert to 49%, with Kingsrose holding a 51% stake and a casting vote under a joint venture agreement.


The exploration tenements held by Kingsrose in Norway and Finland represent a rare exploration opportunity with respect to their scale and prospectively for discovery. The Alliances will see significant exploration expenditure across these mineral belts with the objective of discovering Tier-1 mineral deposits. We look forward to continuing our collaboration with the team at BHP and delivering successful and responsible exploration in Norway and Finland.”

BHP VP Exploration, Sonia Scarcelli, commented: “BHP developed the Xplor program to address the challenge of declining global discovery rates, by building an industry-first platform for cross-industry collaboration, talent sharing and lifting of exploration operating standards. BHP is pleased to continue its collaboration with Kingsrose who represent a leading explorer both technically and in their responsible approach to mineral exploration.”

Kingsrose will operate the alliances during the Project Generation and Earn-In Phases, receiving a management fee to cover overhead costs. The company will also continue to independently advance its Penikat and Råna projects, which are excluded from the BHP alliances. Moving forward, Kingsrose and BHP hold mutual rights of first refusal on the sale of any equity interest in the joint venture company or dilution royalty.

Nickel and copper are critical metals in the global transition to a low-carbon economy, with increasing demand driven by their use in electric vehicles, renewable energy infrastructure, and energy storage systems. By partnering with BHP to explore highly prospective mineral belts in Norway and Finland, Kingsrose is well-positioned to capitalize on the growing demand for these essential metals and potentially make significant discoveries.

Kingsrose Mining has a current market capitalization of approximately A$35 million (as per ASX website). The company’s strong financial position, combined with the substantial funding provided by BHP through the exploration alliances, ensures that Kingsrose is well-equipped to carry out extensive exploration programs across its Norwegian and Finnish projects.

The exploration alliances between Kingsrose Mining and BHP represent a significant opportunity for both companies, as they collaborate to unlock the potential of underexplored mineral belts in Norway and Finland. With the increasing global focus on sustainability and the transition to clean energy, the successful discovery and development of new nickel and copper deposits could play a crucial role in meeting the growing demand for these critical metals. As Kingsrose and BHP work together to explore these promising regions, investors will be closely following their progress and the potential for major discoveries.

Source: Kingsrose Mining and BHP Forge Groundbreaking Exploration Alliances in Norway and Finland | StockHound