10:46 AM EDT, 05/13/2024 (MT Newswires) -- Freeport-McMoRan's ( FCX ) Freeport-McMoRan Exploration unit entered into an earn-in agreement with Max Resource for its Cesar copper and silver project in northwestern Colombia.

Freeport will have a two-stage option to acquire up to 80% in the project by funding expenditures of C$50 million ($36.6 million) and making cash payments of C$1.55 million, Max Resource said Monday in a statement.

To earn an initial 51% stake, Freeport is required to fund C$20 million of exploration commitments at Cesar over five years and make staged payments of C$800,000, Max Resource said.

Max Resource will remain the operator of Cesar until Freeport earns gets the initial 51% interest.

Shares of Freeport-McMoRan ( FCX ) rose 1.2% in recent trading Monday.

Price: 52.22, Change: +0.63, Percent Change: +1.21