Marimaca Copper raises A$80M to fund exploration, oxide project work

Marimaca Copper (TSX: MARI) (ASX: MC2) has secured approximately A$80 million ($53 million) in funding commitment from investors outside of Canada for its projects in Chile’s Antofagasta region.Under the brokered placement announced last week, Marimaca plans to sell approximately 8.25 million CHESS Depositary Interests (CDI) on the Australian market at A$9.70 per CDI.New institutional investors as well as existing shareholders are expected to participate, with demand significantly exceeding the targeted quantum, the company said. The Vancouver-based copper developer currently has a diverse shareholder register that includes Greenstone, Assore International and Mitsubishi.The CDI placement is expected to settle on Thursday, September 4, followed by allotment the next trading day.Exploration fundingAs detailed in its press release, the company intends to use the net proceeds for exploration at its Pampa Medina project and Marimaca sulphide target, both of which are viewed as growth options to support its main oxide deposit.Additionally, the funds will be used for design and engineering, as well as project-related workstreams at the Marimaca oxide deposit. In August, the company published a definitive feasibility study for the oxide deposit that outlined a 13-year, open-pit mine capable of producing 50,000 tonnes of copper cathodes per year.Pre-production capital is pegged at $587 million (or about C$812 million), implying a capital intensity of about $11,700/tonne of copper annually. This would place Marimaca on the low-end of the global scale.In a recent interview with The Northern Miner, CEO Haydn Locke said its oxide project “is very financeable,” and the company has proposed a capital structure that focuses on debt. Assuming no permitting and supply chain delays, construction could begin during the course of 2026, Locke added.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com