Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
Great Southern Copper (GSC), a Chile-focused copper-gold exploration company, has announced its intention to list on the main market of the London Stock Exchange in the coming weeks.
While details of the initial public offering have yet been disclosed, earlier reports from London have GSC looking to raise £3.5 million and hold an enterprise value of £10 million post financing. SI Capital Ltd. is acting as financial adviser and broker to the company.
Proceeds will be used to advance two exploration-stage projects, San Lorenzo and Especularita, that are prospective for large porphyry copper-gold deposits in the coastal belt of Chile. GSC holds the option to acquire a 100% interest in the projects, subject to the annual payment of option fees paid over a six-year period and valued up to $2 million each.
The two projects are situated within the same metallogenic belt as major coastal producing operations such as Teck’s Andacollo copper and gold mine. New discoveries in the area include Hot Chili’s (ASX: HCH) Cortadera and Productora deposits, some 85 km along strike from the San Lorenzo project.
“It is a great time to be focused on copper-gold exploration and we are excited to advance our two large-scale exploration projects in Chile, a globally significant mining jurisdiction and the largest copper-producing country in the world,” Sam Garrett, chief executive officer of GSC, said in a news release.
“There is a significant shortfall in the supply of copper, which is becoming more acute with demand increasing as the global economy moves towards green, sustainable energy. Copper exploration and extraction will be vital in achieving a low carbon future, which presents an excellent opportunity for a new generation of copper deposits to help mitigate the looming supply deficit,” Garrett added.
