Marimaca Copper said Mitsubishi has made a C$20 million equity investment into the company by way of non-brokered private placement. Proceeds will be used to advance and accelerate the development of Marimaca’s flagship project in the Antofagasta region of northern Chile.
“We are pleased that Mitsubishi shares our view that the Marimaca Copper project is a unique, very high quality, development stage project,” said Marimaca Copper President and CEO Hayden Locke.
“Its location affords it several advantages including an expectation that it will be among the lowest carbon intensity copper producers in the industry. It is one of very few new copper projects that has the potential to deliver near-term production of meaningful scale.”
Following completion of the strategic investment, which is expected to close on or before July 11, Mitsubishi will own approximately 5% of Marimaca’s issued and outstanding common shares on a non-diluted basis.
The Marimaca Copper project consists of eight property areas covering multiple concessions that share many similar geological characteristics and could potentially form a single deposit.
Source: Marimaca Copper