Iron ore producer Fortescue Metals Group, has increased its holding in Candente Copper to 19.92pc from 9.72pc.

 

In increasing its interest in the copper company, Fortescue will send two of its engineers to help strategize on how Cadente’s Cañariaco project will be developed. Additionally, the transaction affords Fortescue the right to appoint one person as a director of Candente Copper, in addition to being granted certain pre-emptive rights, like anti-dilution rights and right of first refusal on debt financing or royalty or stream agreements on the Candente’s assets.

 

Fortescue recently led a mining exploration in Australia for copper and gold extraction, but also has a major South American presence, including in Peru. 

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