Under the Regional Development Alliance reached between the two companies, Anaconda will be able to explore and mine for base metals on Goldfields’ tenements, while Goldfields will explore and mine for precious metals on Anaconda prospects.

“Goldfields already has a major presence in the Yilgarn with operations at Kundana and Paddington and an aggressive, well-funded exploration program,” said Goldfields managing director, Peter Cassidy.

“This agreement will benefit Goldfields significantly in providing speedy and cost effective access to gold prospective tenements controlled by Anaconda to complement our existing exploration efforts.”

Anaconda chief executive Andrew Forrest was equally positive about the deal: “We have known our tenements to have theoretical possibility for a Sunrise Dam type deposit for some time, but we maintain our single-minded focus on nickel and will be pleased to congratulate Goldfields if they find it.”

“On the other hand, they hold ground which we consider at least if not more prospective as any other resource identified in the Kalgoorlie region.”