- Exploration and resource development company Caerus Mineral Resources said it had struck an binding agreement with Jubilee Metals allowing the latter to assess Caerus' mining assets in Cyprus, to be converted into projects.

Under the agreement, Jubilee would pay operational costs and also had an exclusive option to elect to convert one or more projects to a joint venture.

'Any Joint Venture will operate on a profit-sharing basis after recovery by Jubilee of its initial capital expenditure and other 'up-front' costs,' the company said.

'The ultimate objective is to identify and define projects within the Caerus portfolio that can be 'scaled-up' and prioritised into one or more joint ventures targeting profitable production using modern designs and waste processing technologies guided and financed by Jubilee,' it added.

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