Peru copper output up jumps 11% in August
From January through August, production of the red metal hit 1.76 million metric tons.
NEGx Minerals (TSX: NGEX) has announced the sale of approximately 15.9 million shares priced at $11 each for gross proceeds of C$175 million ($127m). The private placement was upsized from C$100 million earlier following increased investor demand.
Net proceeds will be used predominantly used towards furthering exploration at the 100%-owned Lunahuasi epithermal project, as well as the continued exploration and maintenance of the 69%-owned Los Helados porphyry project in South America.
Both projects host copper-gold-silver deposits. They are separated by a 10-km distance and an international border. Lunahuasi is in San Juan province, Argentina, and the Los Helados is in Region III, Chile.
Los Helados is 31%-owned by Nippon Caserones Resources, which owns the operating Caserones mine only 17 km away.
Resources have been established for Los Helados. Using a cut-off grade of 0.33% copper equivalent, the indicated portion contains 18.4 billion lb. of copper, 10.2 million oz. of gold and 97.5 million oz. of silver, and the inferred resource contains an additional 8.2 billion lb. of copper, 3.6 million oz. of gold and 50.2 million oz. of silver.
NGEx noted that the private placement is subject to regulatory approval, including the Toronto Stock Exchange. Trusts settled by the late Adolf Lundin have indicated their intention to participate offering.
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