Rinehart expands its presence in Ecuador with a participation in a…

Rinehart expands its presence in Ecuador with a participation in a…
Rinehart expands its presence in Ecuador with a participation in a…

Bloomberg — Australia’s richest woman, Gina Rineharthas expanded its presence in South America by taking a stake in a highly promising copper-gold project.

Rinehart’s private company, Hancock Prospecting Ltd., will pay Titan Minerals Ltd. up to US$120 million in drilling and exploration work, which will give it the 80% of the Linderos project in Ecuador, as reported by the Sydney-based company in a statement last Thursday. It will pay an initial $2 million for a 5% stake, he said.

Read More: Codelco landed in the world of lithium: it bought an Australian company

The deal follows Hancock’s purchase of a 49% stake in a state mining company last month for $120 million, giving him six mining concessions in northern Ecuador, according to the West Australian. The strategy sees Rinehart expanding its portfolio in a nation plagued by insecurity, including serious energy and drought problems.

Read More: Ecuador hopes to sign a new agreement with the IMF “in the coming days”

Hancock “clearly sees the opportunity for large-scale copper, both at the Linderos Copper Project and in Ecuador, an emerging mining jurisdiction”, Melanie Leighton, CEO of Titan, said in the statement.

In the last year, Rinehart has diversified its mining portfolio, based on massive iron ore projects in Western Australia, into lithium, rare earths and other critical minerals. In recent days, he bought a nearly 6% stake in Lynas Rare Earths Ltd.

Read more at Bloomberg.com

 
For Latest Updates Follow us on Google News
 

-

PREV The reasons that explain the rise of the blue and the financiers
NEXT Analysts are optimistic about Colombia’s annual economic growth