African Rainbow Minerals Invests in Surge Copper’s Critical Metals District
African Rainbow Minerals (ARM), a diversified mining company listed on the Johannesburg Stock Exchange, has finalized a subscription agreement with Surge Copper, a Canadian company advancing a critical metals district in British Columbia.
Through its subsidiary ARM Copper, ARM will invest C$3.8 million to subscribe for 39,608,708 common shares of Surge Copper. Upon completion of the placement, ARM will hold a 15% stake in Surge, subject to approval from the TSX Venture Exchange and the South African Reserve Bank.
As a member of the International Council on Mining and Metals, ARM plays a key role in stewarding critical minerals essential for decarbonization and sustainable development.
Surge Copper’s mineral claim package contains several advanced porphyry deposits with compliant resources of copper, molybdenum, gold, and silver. These metals are crucial for low-carbon energy transition and electrification technologies.
The Berg project, wholly owned by Surge, boasts measured, indicated, and inferred resources of copper, molybdenum, silver, and gold.
Additionally, Surge owns the Ootsa Property, which includes the Seel and Ox porphyry deposits adjacent to Imperial Metals’ Huckleberry copper mine.
Surge’s preliminary economic assessment of the Berg project, released in June 2023, revealed a greenfield critical metals development project with a projected 30-year mine life. The assessment estimated total payable production of 2.6 million tonnes of copper equivalent and 1.7 million tonnes of copper.
The mineral resource estimate for the Berg project indicated a combined measured and indicated resource of one billion tonnes, with grades of 0.23% copper, 0.03% molybdenum, 4.6 g/t silver, and 0.02 g/t gold.
SOURCE:miningweekly.com
