Reuters reported that Augusta Resource Corporation entered into JV agreement with a group of South Korean companies for USD 176 million funding giving the group 20% stake in the Canadian company's key copper project in Arizona.

Augusta's unit, Rosemont Copper Company signed an earn in agreement with the Korean consortium, comprising state run resources explorer Korea Resources Corporation and LG International Corporation to sell 20% stake in its Rosemont copper molybdenum project in Pima County of Arizona. The company added that as funds for the investment are advanced the group will earn their proportionate interest in the joint venture.

Mr Gil Clausen CEO of Augusta said that the USD 176 million equity investment by KORES and LGI together with the USD 230 million in funding previously committed by Silver Wheaton and combined with Augusta's contributions to date will provide about 50% of the total project funding. He said that we are well advanced in discussions with project finance lenders for the balance of the funding.

(Sourced from Reuters)