Canada’s largest diversified miner has been looking for a development partner for the $4.8-billion extension of Quebrada Blanca copper mine in northern Chile.
CEO Matt Mason will be replaced by chief operating officer Patrick Godin, who joined Stornoway in 2010 and was appointed to the board of directors in 2011.
Exploration drilling at the Kamoa North prospect area, which forms part of the company's Kamoa-Kakula mining licence, has defined two new, continuous corridors of shallow and high-grade copper mineralization.
In the past two years, Cat has been working on growing its offering, particularly in the underground segment, as well as filling up some gaps in terms of trucks sizes.
EY’s Canadian Mining Eye index — which tracks the performance of 100 Toronto Stock Exchange and TSX Venture Exchange mid-tier and junior mining companies — dropped 12 percent in the third quarter of the year when compared to the previous three-month period.