Commodities
Home›Commodities›Mining›NGEx plans spinout of Valle Ancho copper-gold project…
NGEx plans spinout of Valle Ancho copper-gold project into Spinco
NGEx will distribute 0.2 shares of the new TSX Venture Exchange listing vehicle for each NGEx share, subject to shareholder approval in the fourth quarter.
NGEx Minerals plans to spin out its Valle Ancho copper-gold project into a new company, allowing it to focus on advancing its Lunahuasi and Los Helados properties near the Chile-Argentina border, Mining.com reports.
The move will provisionally be dubbed “Spinco.” NGEx shareholders will receive 0.2 shares of Spinco for each NGEx share held, and the transaction will be put to a vote at a meeting expected in the fourth quarter, requiring a two-thirds majority of votes cast.
Spinco is expected to list on Canada’s TSX Venture Exchange. NGEx head Wojtek Wodzicki is set to lead the new company as CEO and chairman, with other Lundin Group executives involved in management, according to the statement issued late Thursday.
Mining.com adds that Valle Ancho is estimated to represent about 1% of NGEx’s net asset value, or $75 million. NGEx says the project covers about 1,090 square kilometers and that drilling results in 2022 showed significant porphyry copper and gold mineralization, with several drill-ready targets identified.
Latest closeGold $4,292.00 ▲1.1%|Copper $6.711 ▲0.1%