BASE METALS

Sandfire ups Adriatic Metals stake

Australian copper producer Sandfire Resources has lifted its stake in explorer Adriatic Metals and its Vares polymetallic project in Bosnia & Herzegovina

Staff reporter
Core from Rupice in Bosnia & Herzegovina

Core from Rupice in Bosnia & Herzegovina

Sandfire spent A$5.3 million buying 5.27 million shares on-market over the past week.

The buys have taken Sandfire's stake in Adriatic to 11.1%.

Sandfire first became a 7.7% shareholder by cornerstoning Adriatic's May 2018 initial public offering and spent $827,845 in late 2018 to maintain its investment.

The company is working on a maiden resource estimate for the Rupice deposit at Vares, which will feed into a scoping study.

Sandfire last week announced a $167 million takeover of Botswana copper developer MOD Resources.

Shares in Adriatic dropped 0.8% to $1.135, while Sandfire was down 1.7% to $6.79.

 

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