TSX-listed copper development company Marimaca has concluded a financing deal led by South Africa-based Assore International Holdings (AHI), which will see more than $C30 million in fresh capital injected into the business through equity, the (almost) exit of private equity partner Tembo Capital Mining (from 11% to 1%), and the emergence of AHI as a strategic partner with 15%.

The funds will bolster the cash position of Marimaca, which is in the final throes of a definitive feasibility study for its namesake copper development in Chile. A 2020 PEA based on half the current resource figure suggested an NPV of US$524 million and an IRR of 33.5% using a copper price of US$3.15 per pound – some 40% lower than at time of recording.