Fortescue has pumped more money into its decade-long search for copper and gold in NSW by taking a 19.9 per cent stake in ASX-listed minnow Magmatic Resources.
Pre-revenue Magmatic has been drilling for copper, gold and silver near Narromine, a geological district made famous by big copper and gold mines such as Newmont’s Cadia and Evolution Mining’s Northparkes operation.
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Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com
