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Fortescue ups stake in Candente Copper

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(Kitco News) - Iron ore giant Fortescue Metals Group took its interest in Candente Copper (TSX:DNT) from 9.72% to 19.92% by subscribing to 27,500,000 shares for an amount of $1.375 million through a private placement.

Candente was up 7.69% to 7 cents a share.

Announcing the jump in interest today, Candente said it was pleased to have a strategic investor.

"We are very pleased to have as a strategic investor a recognized world leader in the mining industry. Taking into account Fortescue's core values, which include safety, environmental protection and contribution to opportunities for local communities through joint work, we believe it is an excellent option to support Candente Copper and the Cañariaco project. "said Joanne Freeze, CEO.

Canedente's main focus is its Cañariaco project, which is located in the Peruvian Andes.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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