Hiru Corporation, a Canada-based mining entity, has received a 50-year mining concession for the Balfour Project in western Tasmania.

This move grants Hiru the rights to explore, develop and potentially exploit the substantial copper resources within the region.

The agreement was signed with Zebs Minerals and its subsidiary D&B Mining, both based in Tasmania, Australia.

This concession not only provides Hiru with initial long-term access to the Balfour Project but also includes an option to extend the concession for a further 50 years.

The agreement also allows for the concession to be extended on a rolling 12-month basis.

The agreement is also fully compliant with local Tasmanian laws, aligning Hiru's operations with the region's regulatory framework.

Hiru spokesperson said: “We are excited to embark on this long-term partnership, as it provides HIRU with a unique opportunity to leverage Tasmania's rich copper resources and contribute to the global supply chain.

“This is a key milestone in our growth strategy, and we look forward to unlocking the potential of the Balfour Project.”

In July 2024, Venture Minerals sold the Riley iron ore mine in Tasmania, Australia, to Goldvalley Brown Stone.

The Riley mine has been on care and maintenance since 2021.

Argonaut PCF, in the capacity of adviser, carried out a review of the mine before deciding on the divestment.

Multiple alternatives including a restart, joint venture or sale were weighed in this review with the aim to provide near-term value for Venture Minerals as well as its shareholders.