Rio Tinto invests in US-based copper developer
Global miner Rio Tinto is investing in US-based copper developer and near-term producer Arizona Sonoran Copper (ASCU) as part of that company’s C$30.5-million nonbrokered private placement.
Rio Tinto will subscribe for 6.4-million shares in ASCU and Tembo Capital Elim Co-Investment will subscribe for 3.9-million shares at a discounted price of C$2 a share.
Upon completion of the offering, Rio Tinto will hold 7.4% of the outstanding capital of ASCU and, although participating in the offering, Tembo’s holding will reduce from 37.6% to 35.5% in the company.
ASCU president and CEO George Ogilvie said that the private placement provided the company with significantly more capital to explore opportunities to deliver scale at its Cactus project.
The brownfield copper mine is located on private land in western Pinal county, Arizona.
Rio Tinto Copper COO Clayton Walker noted that the investment would allow Rio Tinto to work with ASCU to assess the potential for deploying its Nuton copper leaching technologies at Cactus.
Nuton offers a portfolio of proprietary copper leach-related technologies and capability developed by Rio Tinto to deliver increased copper recovery and leading environmental performance.
The strategic partnership will focus on Rio Tinto’s Nuton copper leaching technologies.
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