Hot Chili confirms Glencore copper concentrate deal
Pic: Giphy.com
HOT Chili has confirmed it will sell 60% of its planned copper concentrate production from its planned Costa Fuego copper-gold development in Chile to Glencore.
The concentrate will be sold “on arms-length commercially competitive benchmark terms”.
The deal was flagged last year when Glencore acquired a 9.99% stake in Hot Chili for A$14.4 million.
While all relevant Costa Fuego development, production and financial metrics won’t be available till the completion of a prefeasibility study in the third quarter of this year, the possibilities with Glencore could involve 40,000t per annum of copper in concentrate.
That envisages the project being a 16-20 million tonne per annum processing operation producing in excess of 65,000tpa of copper equivalent metal in concentrate.
Costa Fuego has current resources of more than 700Mt grading 0.46% copper equivalent.
Last quarter Hot Chili dual listed on Canada’s TSX-V exchange, raising C$33.8 million in the process.
Shares in Hot Chili were up 17% to A$1.59 in midday trade, capitalising the company at $175 million.
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