The agreement would cover up to 15 years and is subject to standard due diligence, including economic, technical, environmental, and social assessments.
Shares of Troilus surged 13.7% by 10:40 a.m. EDT. The miner has a market capitalization of C$105 million ($75 million).
“This LOI is a strong endorsement of the Troilus project’s significant economic potential and strategic value,” Troilus CEO Justin Reid said.
“With rising European demand for copper concentrate and our advantageous proximity to these markets, we are advancing through financing discussions from a solid strategic position.”
The Troilus mine began production in 1996 and reached commercial production the following year. During its life, the mine produced 2 million oz. of gold and about 154.3 million lb. of copper. The mill capacity was doubled to 20,000 t/d by 2005. The pits were mined out in April 2009, but milling continued to…
