-TSX, NYSE American] said Friday it will receive a strategic investment by Japanese industrial giant Mitsubishi Materials Corp. to further advance the company’s 100%-owned Casino copper-gold-molybdenum deposit in the Canadian Yukon.
If Rio Tinto exercises its participation right in full, it is expected that 8.1 million shares will be issued to Mitsubishi Materials for aggregate proceeds of $21.3 million, and 878,809 shares would be issued to Rio Tinto, worth $2.3 million. Those rights will remain in place until the earlier of its ownership falling below 3.0% or until the date that is 24 months after the investment is completed.
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Global copper market was in surplus in January as refined production up 5.5% - reportA roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
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