Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Chilean exploration firm Cerro Grande announced that it’s signed a non-binding letter of intent to purchase Minera Tamidak Limitada’s Pimenton copper project. 


In a release dated September 14, the company noted the purchase is through its junior exploration company Minera Til Til. The purchase price is CA$6.71mn ($5.09mn).


According to the letter of intent, Til Til gains access to concessions and any assets in a joint venture Tamidak signed with a Chilean subsidiary of First Quantam Minerals called FQM Exploration. 


The Pimenton project spans 3,121 hectares, 120km northeast of Santiago in the Andes Mountains. Although an in-depth feasibility study hasn’t been conducted, the mine appears a promising copper-gold asset. 


C$0.76 = $1

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