Australia's Titan Minerals to sell up to 80% of Ecuador copper project to Hancock (updated)

Titan Minerals

18/04/2024 02:06

(Adds details and share moves from paragraph 2 onwards)
       April 18 (Reuters) - Australia's Titan Minerals  TTM.AX 
said on Thursday billionaire Gina Rinehart's Hancock Prospecting
would acquire up to 80% of its Linderos copper project in
Ecuador for as much as $120 million, sending its shares nearly
22% higher.
    Hancock's Ecuadorian unit, Hanrine Ecuadorian Exploration
and Mining, will acquire the project stake upon completion of
due diligence investigations, mineral explorer Titan said in a
statement. 
    Due diligence is expected to be complete by April 18, Titan
added.
    Titan CEO Melanie Leighton said Hanrine has both the balance
sheet and capability to fully explore and develop the Linderos
project.    
    Shares of Titan rose as much 21.9% in early trade to
A$0.039, their highest in more than five months, while the
benchmark stock index  .AXJO  was up 0.4%.

 (Reporting by Adwitiya Srivastava in Bengaluru; Editing by
Subhranshu Sahu)
 ((Adwitiya.Srivastava@thomsonreuters.com;))