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| Hudbay Minerals |
Hudbay Minerals, a Canadian mining company, has acquired a 10% stake in Arizona Sonoran Copper (ASCU) for C$19.9 million ($13.8 million). The transaction is expected to be finalized on January 30th.
Investment to Advance Cactus Copper Project
The funds from Hudbay's investment will be used to advance ASCU's Cactus copper project, located near Casa Grande, Arizona. This project is a significant copper resource, containing a measured and indicated mineral resource of 632.6 million metric tonnes, with 3.257 million tonnes of contained copper. Hudbay's investment underscores the potential of the Cactus project and provides ASCU with the necessary capital to move the project forward. This strategic investment by Hudbay signals their interest in expanding their copper portfolio and participating in the development of a promising copper project in Arizona.
Project Details and Resource Potential
The Cactus project's substantial copper resource positions it as a key potential contributor to the US copper supply. The investment from Hudbay will likely be used for further exploration, feasibility studies, and permitting, ultimately leading to the development and operation of the mine. The development of the Cactus project could have positive economic impacts for the region, creating jobs and contributing to the local economy.
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