Hot Chili acquires 100% of the Cortadera copper-gold discovery a year ahead of schedule
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Hot Chili has announced the early exercise of its option to acquire 100% of the world-class Cortadera copper-gold discovery in Chile.
The agreement between the company and SCM Carola – the owners of the Cortadera landholding – was dually exercised on the receipt of the final instalment of US$15 million.
Hot Chili (ASX:HCH) has now satisfied US$32 million in payments to secure the Cortadera centrepiece of its 724 million tonne Costa Fuego copper-gold development.
Since drilling began, Cortadera has been transformed from a small private porphyry discovery into one of the world’s leading, large-scale, copper-gold discoveries – elevating the company into the senior ranks of global copper developers.
“We are extremely pleased to move to full ownership of Cortadera almost one year ahead of schedule, given the success of our exploration to date,” Hot Chili managing director Christian Easterday said.
“Cortadera is already one of the lowest-cost acquisitions in the copper sector and we believe it has a long way to grow.
“I would like to thank SCM Carola for their partnership to contribute Cortadera to our plan to build a major coastal copper production hub.”
The Costa Fuego Hub (Cortadera, Productora and El Fuego) has a combined mineral resource of 724 million tonnes at 0.48% copper equivalent for 2.9 million tonnes copper, 2.7 million ounces gold, 9.9 million ounces silver and 64,000 tonnes molybdenum.
And the company said the project is set to benefit the region for decades to come.
“Strong green credentials, including the ability to utilise seawater processing and access power from large nearby solar plants, are matched by its low-altitude setting and location next to existing port facilities and regional infrastructure,” Easterday said.
“The project is shaping as a cutting-edge, new generation major copper development in the world’s largest copper producing country.”
This article was developed in collaboration with Hot Chili, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.