Fortescue ups stake in Candente Copper
(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.