Solaris closes $39m financing for Warintza copper project in Ecuador

US Comex copper May futures hit a record peak of $5.18 a lb.

The EU Critical Raw Materials Act is designed to guarantee a supply of lithium, copper and other minerals for green technologies.

Comex copper for July delivery jumped to an intraday high of $5.026 a pound on Tuesday, near a record high.

The Resolution Copper project, a partnership between Rio and BHP, would supply more than a quarter of US copper.

Copper is the main driver of the company's profitability after it sold its steel-making coal business.

The company is looking to increase its copper production to 150,000 tons a year by 2028 from around 30,000 tons in 2023.

Going forward, Cochilco is "moderately optimistic" on how copper prices will evolve.

The Troilus project has an estimated net present value (discounted at 5%) of $884.5 million and an internal rate of return of 14%.

Loan provides cash to support ongoing operations and flexibility to finalize a more comprehensive financing arrangement.