Denarius Takes 15.6% of Copper Giant as Trafigura Locks In Offtake

Denarius Metals will spend C$28.8 million for a 15.6% stake in Copper Giant Resources via a C$31 million placement. The deal backs development of the large Mocoa copper-molybdenum deposit in Colombia.

Trafigura secured rights to 20% of future copper and molybdenum concentrates for 10 years from commercial production. Shareholder Frank Giustra raises his stake to about 15.8% under a two-year lock-up, citing the partner and new pro-mining President Abelardo De La Espriella.

Mocoa holds 1.12 billion tonnes of inferred resources at 0.51% CuEq. Amid record copper prices the offtake provides a guaranteed market route for the project.