Anglo American and Traka Resources have agreed terms to expand a joint venture to cover six new tenements at Australia's Musgrave Project.

The firms are exploring the area with view to mining platinum, gold, copper and nickel.

Proactive Investors reports that the deal will see Anglo American start with a 51 per cent stake in the joint venture.

The website notes that reverse circulation drilling began in July, with a focus on the M5-1 prospect.

Anglo, which Traka reported in April had committed $3 million for a 51 per cent stake, can earn a further 24 per cent by investing a further $18 million over the next six years.

Both of the firms have received grants under the Western Australian Government Royalty for Regions Exploration Incentive Scheme.

It comes as the board of Anglo American approve plans for the five-million-tonne-per-annum Grosvenor metallurgical coal project in the Bowen Basin of Queensland, Australia.

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Traka Resources, Anglo American expand Musgrave joint venture project (09/12/11)

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