Canadian junior Equinox Gold has announced the creation of a standalone company – Solaris Copper – to advance its exploration-stage copper projects in Ecuador, Mexico, Chile and Peru.
Equinox will own 40% in Solaris Copper, which will not initially be listed on a stock exchange, with the remainder of the shares to be distributed to Equinox shareholders.
Equinox CEO Christian Milau comments that separating the gold and copper assets will create value for shareholders on two fronts: Continued exposure to the rising copper price through Solaris Copper, while Equinox continues to advance the Aurizona and Castle Mountain gold projects, in Brazil and the US, respectively, to production.
Solaris Copper will hold a 100% interest in the resource-bearing Warintza copper/molybdenum project in Ecuador, a 60% interest in the La Verde preliminary economic assessment stage copper/silver/gold project in Mexico, a 100% interest in the Ricardo early-stage copper property in Chile, has negotiated earn-in agreements for two early-stage copper prospects in Peru, and is continuing to evaluate additional properties that fit the portfolio.
Collectively, the projects host 3.7-billion pounds of copper in the measured and indicated category with an additional 4.6-billion pounds of copper in the inferred category, with significant exploration potential at all of the projects.
Solaris Copper’s day-to-day activities will be managed by Greg Smith as CEO, Kylie Dickson as CFO and Pamela Kinsman as corporate secretary, each of whom will also continue with their Equinox Gold responsibilities.