{"id":9241,"date":"2024-05-06T05:51:11","date_gmt":"2024-05-06T05:51:11","guid":{"rendered":"https:\/\/economicherald.net\/?p=9241"},"modified":"2024-05-06T05:51:11","modified_gmt":"2024-05-06T05:51:11","slug":"hot-chili-is-raising-29-9m-as-studies-ramp-up-on-massive-costa-fuego-copper-project-2","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=9241","title":{"rendered":"Hot Chili is raising $29.9m as studies ramp up on massive Costa Fuego copper project"},"content":{"rendered":"

Hot Chili has secured $24.9m through a private placement and is raising up to $5m under a share purchase plan
\nFunds will support a Costa Fuego PFS, drilling, exploration and land consolidation
\nProceeds will also be used to set up a new water company<\/p>\n

\u00a0<\/p>\n

Special Report:<\/em> Hot Chili is raising up to $29.9m through a private placement and share purchase plan to accelerate development of its meaty 798Mt Costa Fuego copper-gold project in Chile.<\/strong><\/p>\n

Australian, Canadian and overseas institutional investors along with existing shareholders demonstrated their confidence in the company\u2019s assets by quickly snapping up the $24.9 million shares priced at $1 each under the private placement.<\/p>\n

The company has good reason to be confident.<\/p>\n

In the past two years, Hot Chili (ASX:HCH)<\/strong><\/a> has built Costa Fuego into a low-risk, low-cost and long-life copper-gold project with a current indicated resource<\/strong><\/a> of 798Mt at 0.45% copper equivalent, or contained resources of 2.9Mt copper, 2.6Moz gold, 12.9Moz silver and 68,000t molybdenum.<\/p>\n

Indicated resources grant enough certainty for the company to start mine planning and also serve as a platform for a maiden reserve estimate for the upcoming pre-feasibility study.<\/p>\n

HCH has already executed a\u00a0five-year MoU deal with the nearby port<\/strong><\/a>\u00a0to evaluate bulk tonnage loading alternatives for copper concentrate from Costa Fuego that would include a \u2018take or pay volume\u2019 clause based on at least 80% of the project\u2019s future annual concentrate production.<\/p>\n

The company is also exploring the potential to develop a water supply network in the Huasco valley region \u2013 one of the driest places in the world.<\/p>\n

\u00a0<\/p>\n

Location of the Costa Fuego project in relation to new landholdings and coastal infrastructure. Pic via HCH<\/p>\n

\u00a0<\/p>\n

Fully funded to deliver key milestones<\/strong><\/h2>\n

The placement is part of a broader capital raising that includes a share purchase plan offering existing shareholders the opportunity to subscribe for up to $30,000 worth of shares to raise up to $5m.<\/p>\n

Taken together, the $29.9m capital raising ensures that HCH is fully funded to deliver the following key milestones in the growth and development of Costa Fuego:<\/p>\n

Completion the Costa Fuego PFS, expected in H2 2024
\nAdvance the water supply study and create a new water company<\/strong><\/a>, expected in H2 2024
\nUp to 25,000m of drilling, exploration and further land consolidation over next 18 months, and,
\nCommencement of a bankable feasibility study over the next 18 months<\/p>\n

It will also increase the company\u2019s s trading liquidity on the TSX Venture exchange.<\/p>\n

\u201cWe control large-scale assets in two of the most critical commodities of our time \u2013 copper and water \u2013 with two of the most desirable attributes \u2013 low-risk and near-term,\u201d Hot Chili managing director Christian Easterday said.<\/p>\n

\u201cThe company has been receiving increasing interest from potential strategic funding parties in its advanced Costa Fuego copper-gold development and its recently announced water supply studies.<\/p>\n

\u201cThis interest, in combination with a rising copper price environment, provides confidence to accelerate the Company\u2019s growth and development plans while preserving control of these assets for our shareholders.\u201d<\/p>\n

Easterday is bullish the world is currently witnessing the early stages of a new copper price cycle, with a valuation of US$9,910\/t on the LME at the time of writing.<\/p>\n

Three-month contract prices rose around 18% in April alone, with a $60bn bid by BHP for Anglo American demonstrating the dearth of significant new copper developments in the global pipeline.<\/p>\n

\u201cThe placement and share purchase plan maintain the company\u2019s strategic funding optionality, while ensuring Costa Fuego remains one of a limited number of globally significant copper developments, not owned by a major mining company, that could deliver meaningful new copper supply this decade,\u201d Easterday said.<\/p>\n

\u201cMarket conditions are indicative of the initial stages of a new copper price cycle being driven by a lack of new supply. The company is now well funded to take advantage of controlling the right assets at the right time in the right place.\u201d<\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/p>\n

This article was developed in collaboration with Hot Chili, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

\u00a0<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Hot Chili is raising $29.9m as studies ramp up on massive Costa Fuego copper project<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Hot Chili has secured $24.9m through a private placement and is raising up to $5m under a share purchase plan Funds will support a Costa [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":9206,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nHot Chili is raising $29.9m as studies ramp up on massive Costa Fuego copper project - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=9241\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hot Chili is raising $29.9m as studies ramp up on massive Costa Fuego copper project - 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