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VANCOUVER - Marimaca Copper Corp. (TSX: MARI) (ASX: MC2), currently valued at $421 million, announced that its shareholders have approved all proposed resolutions during its Annual General Meeting held virtually on Thursday. The resolutions included the election of directors and the appointment of the company’s auditor for the upcoming year. The company’s stock has shown remarkable strength, trading near its 52-week high of $4.30, though InvestingPro analysis suggests the shares may be overvalued at current levels.
In a voting process that represented approximately 51.90% of Marimaca Copper’s issued and outstanding common shares, shareholders cast their ballots on various key corporate governance matters. The company confirmed the re-election of its eight-member board of directors with overwhelming support, with each director receiving between 99.73% and 100% of the votes cast in their favor.
The detailed results of the election indicated that directors Hayden Locke, Michael Haworth, Alan J. Stephens, Clive Newall, Colin Kinley, Tim Petterson, Kieran Daly, and Giancarlo Bruno Lagomarsino were all successfully re-elected to the board. The voting percentages ranged from 99.73% to 100% approval for the directors, showcasing a strong endorsement from the shareholders.
Additionally, the appointment of PricewaterhouseCoopers LLP as the company’s auditors was passed with 99.98% of the votes in favor, and the directors were authorized to fix the auditors’ remuneration.
The Marimaca Copper Project, which is the company’s flagship venture, is progressing through a Definitive Feasibility Study led by Ausenco Chile Ltda. While the company posted negative earnings in the past year, InvestingPro data indicates analysts expect profitability to improve this year. The project is situated in the Antofagasta Region of Chile and is characterized as an IOCG-type (Iron Oxide Copper Gold) copper deposit. Marimaca Copper Corp. is also actively exploring its extensive land package in the region, including the Sierra de Medina property block. The stock has demonstrated strong momentum, delivering a 41.67% return over the past year.
The company’s report of voting results has been filed under Marimaca’s SEDAR+ profile, providing transparency on the detailed outcomes of the votes received on all matters presented to shareholders at the meeting.
This news summary is based on a press release statement from Marimaca Copper Corp. and reflects the factual information presented during the company’s Annual General Meeting.
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