on PPX Mining Corp (CVE:PPX)
PPX Mining Secures Strategic Investment and Offtake Deal with Glencore
PPX Mining Corp. has finalized a significant strategic transaction with Glencore, enhancing the advancement of its Igor Project in Peru. This agreement encompasses a cornerstone equity investment, a life-of-mine precious-metals concentrate offtake agreement, and access to Glencore's technology.
Through the investment, Glencore Canada has subscribed for over 84 million units of PPX at C$0.237 per unit, resulting in a 9.99% stake in the company. The generated proceeds, exceeding C$19 million, will primarily support exploration and development activities at the Igor Project, as well as plant construction.
The offtake agreement grants Glencore exclusive purchasing rights for all precious metal concentrates from the Igor Project, securing PPX a stable sales channel. The collaboration potentially extends into technical advancements, enhancing operational efficiencies.
R. E.
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