Sunstone inks sale of copper project; shares jump 14pc
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Sunstone Metals has jumped out of the gate today — jumping 14 per cent after the explorer inked a binding $47m deal to sell its Viscaria copper project in Northern Sweden.
Sunstone (ASX:STM) entered into a binding share sale and purchase agreement with new Stockholm-listed Copperstone Resources, which will see Sunstone become Copperstone’s largest shareholder.
The 30 per cent shareholding will provide ongoing exposure to the upside at Viscaria, as well as to Copperstone’s existing exploration projects in Sweden, the Sunstone said.
Copperstone chairman Michael Mattsson said Viscaria was a high quality, copper price sensitive asset with low cap ex and an exploration upside in a first class mining district.
“Bringing this project towards a mine reopening will be an exciting and realistic journey for Copperstone together with our new main owner, Sunstone,” he said.