Cadence Minerals plc said it could have exposure to copper assets following Castillo Copper Ltd’s 90-day option agreement for lithium projects in which the mining investor has interests.
EXPOSURE
Cadence owns a 29% shareholding in Lithium Technologies Pty Ltd (LT) and Lithium Supplies Pty Ltd (LS) which have signed the deal.
Following due diligence, Castillo could acquire the Litchfield and Picasso lithium projects in the Northern Territory and Western Australia respectively.
“The potential acquisition by Castillo provides Cadence with an exposure to developing copper assets which complements our already substantial lithium portfolio,” said Cadence chief executive Kiran Morzaria.
“Moreover, given Castillo’s established in country leadership and cash position we see this potential acquisition by Castillo as the best strategic approach to maximise returns for our shareholders.”
PARTIES INVOLVED
LT and LS each own 50% of Synergy Prospecting Pty Ltd which would potentially be 100% acquired by Castillo.
Castillo Copper is an Australian-based explorer, focused on copper in Australia and Zambia, aiming to become a mid-tier group.