Stratex (LON:STI), the AIM-quoted mineral exploration and development company focused on Turkey and East Africa, has secured a £0.8 million boost from FTSE 100 copper mining giant Antofagasta (LON:ANTO). The two sides are already working together on a joint venture in Turkey and the latest deal sees Antofagasta increase its strategic stake in Stratex to 2.97%. The investment was made through a private placement priced at 7.72p per share and the funds will be used to accelerate the company’s exploration activities in Turkey and Africa.

Bob Foster, the chief executive of Stratex, said: “We are delighted that Antofagasta is strengthening its strategic involvement with Stratex through this placement. Having already committed US$1 million via a joint venture to fund the first phase of an exploration programme to discover new copper deposits in Turkey, we believe that this additional investment further endorses our management and operations teams and business strategy.

“The exploration programme in Turkey is making excellent progress under the management of our Turkish exploration team, supported by senior Antofagasta geologists and by senior Stratex management and international consultant Dr Richard Sillitoe. We share the belief that there is considerable potential for the discovery of one or more major new porphyry copper deposits in this under-explored part of the world and look forward to updating shareholders on any important developments as the exploration progresses.”

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