An Australian mining exploration company has gone to Hollywood in an effort to help weather the commodities downturn suffering from a supply glut. Cash-strapped gold and copper explorer Artemis Resources has agreed to invest up to 8 million U.S. dollars in the low-budget Hollywood action film Tango Down, an adaptation of popular gaming franchise Call of Duty Black Ops.
Artemis will still remain a mineral exploration company despite the foray into film making, the company's attempt to generate revenue at a time when commodities are continuing to downturn, News Corp reported Friday.
Artemis is entitled to all of the film's revenue up to 9.6 million U.S. dollars should it fully fund the project, taking 20 percent of all profits thereafter. The films creators, James C. Burns and Kamar De Los Reyes, the actors who gained cult followings for voicing characters Sargent Frank Woods and Menendez respectively in the first two Black Ops games, are confident the films will do well given the built-in fan-base for the games.
Artemis joins countless other junior exploration miners searching outside the sector to pursue other ventures given the soft investment climate due to the commodities downturn, with "good" projects, such as gold, lithium or graphite, already underway and others "having major issues with them." Artemis will tap investors for 2 million Australian dollars (1. 53 million U.S. dollars) in working capital to go ahead with the proposed Hollywood venture, while continuing its already announced exploration programs in Australia's Pilbara region.
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