{"id":1185982,"date":"2020-05-22T11:00:58","date_gmt":"2020-05-22T16:00:58","guid":{"rendered":"https:\/\/www.mining.com\/?p=1024743"},"modified":"2020-05-22T11:00:58","modified_gmt":"2020-05-22T16:00:58","slug":"fortescue-metals-ups-stake-in-candente-copper","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1185982","title":{"rendered":"Fortescue Metals ups stake in Candente Copper"},"content":{"rendered":"<p>Australian iron ore major Fortescue Metals Group (ASX: FMG) has <a href=\"http:\/\/www.globenewswire.com\/fr\/news-release\/2020\/05\/22\/2037674\/0\/en\/Fortescue-Acquires-Strategic-Interest-In-Candente-Copper.html\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">invested C$1.38-million ($984k) in Candente Copper<\/a> (TSX: DNT), increasing its stake in the Canadian junior to 19.92%.<\/p>\n<div class='ad-slot' id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {    googletag.display('div-gpt-ad-1561499308230-0');    googletag.pubads().addEventListener('slotRenderEnded', function (event) {        if (event.isEmpty) {            var id = event.slot.getSlotElementId();            var x = document.getElementById(id);            if(x == null) return;            if (x.parentElement.classList.contains('ad-slot')) {                x.parentElement.style.display = 'none';            }\t\t\t\t        }    });});<\/script><\/div>\n<p>Through wholly owned subsidiary Nascent Exploration, Fortescue has subscribed for 27.5-million at C$0.05 apiece in Candente, which owns a series of copper assets in Peru. Those include Ca\u00f1ariaco Norte, a large scale open-pit project, in the western side of the Peruvian Andes.<\/p>\n<p>The world\u2019s fourth-largest iron ore<br \/>\nproducer will allocate two engineers to work on a part-time joint technical<br \/>\ncommittee with Candente\u2019s staff, with a goal to identify the optimum strategy<br \/>\nfor the development of Ca\u00f1ariaco.<\/p>\n<p>Fortescue was previously granted<br \/>\nand retains the right to appoint one person as a director of Candente Copper,<br \/>\nas well as certain preemptive rights.&nbsp;These rights include anti-dilution<br \/>\nrights and a right-of-first refusal on any debt financing or royalty or stream<br \/>\nagreements on any of Candente Copper\u2019s assets.<\/p>\n<p>The Ca\u00f1ariaco project has 7.5 billion<br \/>\npounds of measured and inferred resources and 1.4 billion pounds of inferred<br \/>\nresources at 0.3% copper cutoff. The project also has 1.97 million ounces of gold<br \/>\nand 54 million ounces of silver.<\/p>\n<p>The mine is expected to produce 262 million pounds of copper, 39,000 ounces of gold and 911,000 ounces of silver annually, over an initial 22-year life.<\/p>\n<p>Last at C$0.07 on the Toronto exchange, Candente Copper shares are up almost 7% for the day and 30% over the last 12 months. They have more than doubled so far in 2020.<\/p>\n<h2><strong>Beyond iron ore<\/strong><\/h2>\n<p>In the past two years, Fortescue has been looking to <a href=\"https:\/\/www.mining.com\/worlds-no-4-iron-ore-miner-wants-diversify-portfolio\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">broaden its portfolio beyond iron ore<\/a>. The miner has largely focused on early-stage copper-gold deposits both in Australia and South America.<\/p>\n<p>Last year, it secured a farm-in and<br \/>\nJV agreement with Tasman Resources over the Vulcan iron<br \/>\noxide-copper-gold-uranium (IOCGU) prospect, around 30 km north of BHP\u2019s Olympic<br \/>\nDam mine, in South Australia.<\/p>\n<p>Fortescue entered the Argentinean<br \/>\nmarket in 2018 with the acquisition of an exploration company. It is also actively<br \/>\nexploring the Santa Ana concession in Ecuador since in April 2019 and has recently<br \/>\ncompleted its first 3,500m drilling program in the search for copper.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fortescue now owns almost 20% of Candente, which is advancing a large scale open-pit copper project in Peru.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369],"tags":[43],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185982"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1185982"}],"version-history":[{"count":4,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185982\/revisions"}],"predecessor-version":[{"id":1186012,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185982\/revisions\/1186012"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1185982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1185982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1185982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}