Carube Copper captures OZ Minerals in Jamaica as Copper and Gold Mining slowing Globally

Copper mining is in trouble in Jamaica.

Carube Copper Corp, a CA$7.5 million Canadian copper mining company, is taking over Australian company OZ Mineral Holdings as reported in the article “Canadian Mining Company Acquires Copper Licence”, published Saturday October 29, 2016, The Jamaica Gleaner. 

They're set to acquire 70% of Australian company OZ Mineral Holdings in the Bellas Gate Joint Venture licences, giving them some 535 square kilometres of potentially mineable reserves of valuable minerals.  This latest developement is a follow-on to the news that Australian juggernaut, Oz Minerals was pulling out of Jamaica as noted in the article “OZ Minerals pulling out of Jamaica”, published Friday, September 23, 2016, The Jamaica Observer.

Carube Copper Corp has two (2) mining projects that they're working on:

1.      Main Ridge Project

2.      Hungry Gully Project

In partnership with Oz Minerals, Carube Copper Corp is also working on extracting Gold and Copper from the following projects:

1.      Above Rocks Project

2.      Bellas Gate Project

OZ Mineral Holdings, if you may remember, has been mining Copper and Gold in Jamaica in Above Rocks and Bellas Gate since 2014 as noted in my blog article entitled “OZ Minerals of Australia prospecting for Copper in Jamaica - How to get into Mining Minerals in Jamaica”.

They, along with Carube Copper Corp, are among four (4) copper mining companies in Jamaica and are the second Canadian company mining copper in Jamaica as listed below:

1.      OZ Minerals of Australia

2.      Carube Resources Inc of Canada

3.      Rio Minerals Jamaica Limited of Canada

4.      Rodinia Resources Pty Ltd of Australia

In return for all this, Carube Copper will pay OZ Mineral Holdings for their CAN$14 million worth of exploration equiptment and gear and also give them 2% Net Smelter Return Royalty due after their copper mine start making money. Copper is easy to finding Jamaica, as certain plants indicate the existence of fairly large and commercially exploitable Copper reserves.

So basically a long term perpetuity agreement, as OZ Mineral Holdings will continue making money even though they've exited the island as noted in the article in the article “Canadian Mining Company Acquires Copper Licence”, published Saturday October 29, 2016, The Jamaica Gleaner. 

Apparently the fluctuations in the global price of copper due to oversupply and increase metal recycling has made mining the mineral less than lucrative for OZ Mineral Holdings was noted in the article “OZ Minerals pulling out of Jamaica”, published Friday, September 23, 2016, The Jamaica Observer.

However, this market instability hasn't deterred Carube Copper Corp; they're expanding, effectively becoming one of the largest copper miners in Jamaica.

Now if we could only find fairly large and commercially exploitable gold and oil reserves, as Oil is set to hit US$300 a barrel by 2020 as predicted in my blog article entitled “Why Jamaican Private Sector funding Oil Exploration by Tullow Oil for US$300 per barrel in 2020”.

Jamaica has the potential to become a little but Tallawah mining giant of the Caribbean