Titan Mineral shares jump on JV with Gina Rinehart’s Hanrine
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The news: Titan Minerals shares have surged following the announcement that it had agreed to a joint venture deal with a Hanrine Ecuadorian Exploration and Mining, a subsidiary of Gina Rinehart’s Hancock Prospecting.
The numbers: Titan’s shares jumped 6.25% to $0.03 by 3:30pm. In the last 12 months they have fallen 43.3%.
The proposed earn-in and joint venture would see Hanrine spend up to $180 million to acquire an 80% interest in the ASX-minnow’s Linderos Copper Project in Ecuador.
The deal is subject to the execution of formal binding documents and the completion of Hanrine’s due diligence.
In the last 12 months the price of copper has risen 6.41% to USD4.36 ($6.77).
The context: Linderos is an early-stage exploration project, with most exploration completed at the Copper Ridge Porphyry and Meseta Gold prospects.
The copper JV will see Rinehart further diversify her portfolio away from iron ore interests. Late on Tuesday, Lynas Rare Earths announced to the ASX that Hancock had lifted its stake in the company to 5.82%.
What they said: Titan CEO Melanie Leighton said: “The agreement represents a fantastic endorsement of our belief in the Linderos Project’s potential to host a large-scale copper porphyry system”.
The source: ASX announcement
