The agreements with Ivanhoe subsidiary Ivanhoe Cloncurry Mines cover the Young Australian, Kuridala and Stuart tenements.

QMC managing director Howard Renshaw said each of the agreements would assist in its economic exploitation of its copper/gold and cobalt deposits at White Range, where an updated feasibility study on the project was taking place.

Under the Young Australian agreement, QMC is entitled to undertaken exploration on six sub-blocks of one of Ivanhoe's tenements for five years.

The sub-blocks open up QMC's existing mining leases at the Young Australian and East Drift, situated within the White Range project area.

Renshaw said the Kuridala agreement delivered mutually beneficial protocols while the Stuart agreement represented potential payment of valuable consideration to QMC.

Under the Stuart agreement, QMC has agreed to grant Ivanhoe a call option to acquire the assets of Maxiforde, of which the Stuart mining lease is the focus asset.

Ivanhoe has five years to exercise the option which would be payable upon Ivanhoe paying $A700, 000.

If Ivanhoe exercises the option QMC will receive a royalty payment at a minimum of $2 per tonne in relation to all ore commercially mined by Ivanhoe capped at a maximum of $6.5 million.

Renshaw said the agreements signified a major step forward for the company.

"These transactions will greatly enhance QMC's resource opportunities and economic recovery and development of its White Range project," he said.

QMC is targeting production of 20,000-25,000 tonnes per annum of copper, with cobalt and gold credits included.

Production at White Range has the potential to kick off in 2013.

Shares in QMC were up 0.3c or 15% to 2,3c in morning trade while Ivanhoe shares were up 6.31% to 59c.