QUATERRA RES INC (OTCMKTS:QTRRF) has announced that it would be receiving $7.1 million in option payments from Freeport-McMoRan. The funds would be received by the company in the next 1-year. Quaterra aims to utilize these funds to advance its copper exploration projects. Additionally, the company has also released the details and results of its Annual General Meeting, which was held in Vancouver, on June 25. All resolutions passed during this meeting were approved by the majority.

As a result of the AGM, Smythe Ratcliffe has been reappointed as the auditor for the company and the company’s 10% rolling stock action plan was also approved by the shareholders. The number of directors on the board was limited to five. Michael Berry and Todd Hilditch would be the directors to leave the board. The two leaving directors did not stand for re-election and the company management and shareholders found it better to work with a smaller board.

Singatse Peak Services, a subsidiary of Quaterra is working to explore the Bear deposits, a large copper system located under the company’s property. The company plans to utilize the additional $7.1 million on these deposits. The CEO of Quaterra, Steve Dischler, stated that this could lead to better paying jobs for the locals. It is important to note here that this is the second time SPS has received option payments from McMoRan. The past 12-months saw $2.5 million in option payments, being utilized on maintenance of land, water and minerals, while completing the compliances of environmental regulations.

McMoRan would be paying another option payment to SPS, as part of a three-stage agreement worth $40.7 million. The agreement entitles McMoRan to acquire 55% stake in SPS as part of the agreement. Additionally, McMoRan would be able to increase its stake by 20%, once it helps SPS complete a feasibility study or spend $97.9 million on the company.

QUATERRA RES INC (OTCMKTS:QTRRF) added 7.9% to its share value, after trading 156,700 shares during the June 30 session to reach a closing price of $0.0724.