22 January 2024
22 January 2024
First Quantum is under financial strain after it was forced to close down its Panama mine.
The agreement follows a previous deal for the Bibemi gold licence and marks a significant step in the development of the project.
The deal involved the purchase of 24.5 million shares at C$0.90 per share.
The deal resulted in the issuance of around 21.22 million Surge Copper shares at C$0.075 ($0.056) apiece.
For this acquisition, the company issued ten million common shares valued at $3m (C$4.03m), with each share priced at $0.30.
This milestone marks the first issuance of a large-scale mining licence in Uganda under the Mining Act of 2022.
The approval allows up to 20 new drill holes annually over the next five years.
Competition with Latin American neighbours is set to heat up.
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