PERTH (miningweekly.com) – ASX-listed Hot Chili has completed the acquisition of the Cortadera copper/gold discovery, in Chile, after the early exercise if its option over the asset.
Hot Chili had now satisfied $32-million in payments since February 2019 to acquire Cortadera, securing the centrepiece of the company’s 724-million-tonne Costa Fuego copper/gold development.
Since drilling began in April 2019, Cortadera has been transformed from a small private porphyry discovery into one of the world’s leading, large-scale copper/gold discoveries.
Hot Chili MD Christian Easterday said the early acquisition of Cortadera was an important milestone for the company.
“We are extremely pleased to move to full ownership of Cortadera almost one year ahead of schedule, given the success of our exploration to date. Cortadera is already one of the lowest-cost acquisitions in the copper sector and we believe it has a long way to grow.
“Costa Fuego is set to provide significant benefit to the region and local township of Vallenar for many decades to come.
“Strong green credentials, including the ability to utilise sea water processing and access power from large nearby solar plants, are matched by its low-altitude setting and location next to existing port facilities and regional infrastructure.
“The project is shaping as a cutting-edge, new generation major copper development in the world’s largest copper producing country,” said Easterday.
Cortadera forms part of Hot Chili’s Costa Fuego development, along with the Productora and El Fuego assets, which are jointly estimated to host some 2.9-million tonnes of copper, 2.7-million ounces of gold, 9.9-million ounces of silver and 64 000 t of molybdenum.