Anglo Asian Mining makes fourth investment in Libero Copper

20th Feb 2023 13:01

(Sharecast News) - Azerbaijan-focussed gold, copper and silver producer Anglo Asian Mining announced its fourth investment in Libero Copper & Gold on Monday, acquiring 3.2 million new shares for CAD 0.48m (£0.3m).

The AIM-traded company said the investment would maintain its 19.8% shareholding in Libero, and was part of Libero's recently-launched private placement, which raised gross proceeds of CAD 2.5m to fund exploration at the Mocoa and Esperanza copper porphyry projects in Colombia and Argentina, respectively.

It said the TSX-V traded Libero, owns, or has the right to acquire, several copper exploration properties in North and South America, including Mocoa, which it described as one of the world's largest undeveloped copper-molybdenum resources.

Anglo Asian now holds 21.3 million common shares in Libero, and also has 12.1 million warrants exercisable at both 22 and 75 Canadian cents per share.

The board said the investment in Libero provided Anglo Asian with exposure to significant copper resources, in addition to its fully-owned projects in Azerbaijan, including the Garadagh resource.

Anglo Asian added that it was currently in the final stages of developing its medium-term growth strategy, which would see it transition to a copper-focussed, mid-tier mining company.

"We are pleased to make this second investment this year, which in total is our fourth investment in Libero," said chief executive officer Reza Vaziri.

"This second share placing this year demonstrates the attractiveness of investing in Libero and its asset portfolio.

"Libero has an exciting range of significant copper assets across the Americas and an experienced management team."

At 1128 GMT, shares in Anglo Asian Mining were down 0.31% at 95.7p.

Reporting by Josh White for Sharecast.com.