Figma Shares Indicated To Open $105/$110
VANCOUVER - Camino Minerals Corporation (TSXV:COR)(OTC PINK:CAMZF), in partnership with Nittetsu Mining Co., Ltd., has announced the completion of its acquisition of Cuprum Resources Chile SpA, which owns the Puquios copper project in Chile. This move positions Camino and its joint venture partner, Nittetsu, to commence construction on the project, which has already secured its primary environmental permit.
The Puquios project, described as construction-ready, is situated in Chile, a country renowned for its copper production. The recent Prefeasibility Study (PFS) for Puquios indicated an after-tax internal rate of return of 23.4% with a low capital cost estimation of US$142 million. Camino’s President and CEO, Jay Chmelauskas, expressed confidence in the project’s potential and announced the company’s intention to seek global capital market funding.
Chris Adams has been appointed as the incoming Chairman of Camino, bringing extensive mine financing experience to the company. Additionally, the board will benefit from the expertise of Denham Capital nominee board members, Carl Tricoli, Herculus Jacobs, and Ziad Saliba.
Mita Shinichiro of Nittetsu highlighted the significance of the acquisition, marking it as their third copper mine project in Chile. Nittetsu’s established presence in the region is expected to aid in the construction and operation of the Puquios mine.
The acquisition transaction involved Camino issuing 23,333,333 common shares to Santiago Metals and a cash payment by Nittetsu totaling C$9,932,480.96 to the vendors. Furthermore, the vendors are entitled to receive up to C$25 million in contingent payments, with the option for Camino to settle up to 50% of each payment in common shares.
The deal also included a royalty agreement, where Cuprum will pay a 1.25% net smelter return royalty to an affiliate of the vendors. An investor rights agreement was established, granting the Investor Entity rights to nominate board directors and participate in future securities issuances, among other provisions.
Upon completion of the acquisition, the Board of Directors of Camino was reconstituted, including new members with ties to the Investor Entity, reflecting the new collaborative structure.
This strategic acquisition is based on a press release statement and is a significant step for Camino and Nittetsu in advancing the Puquios project towards construction and production, with the aim of re-rating Camino’s valuation as it transitions into a copper producer.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.