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Sunday, 29 August 2021

Sawiris likes Chilean copper

Sawiris’ Altus to take a stake in Chilean copper mine: Naguib Sawiris-backed mining firm Altus Strategies has completed the first close on an agreement that would see it take a 0.42% stake in the net smelter return royalty of Chile’s Caserones Copper Mine, the company said in a statement today. The firm paid USD 26.2 mn in a first closing, with final close on the transaction expected by 1 September at a total value of USD 34.1 mn. Altus expects its interest in the mine will generate USD 3.2 mn in cashflow per annum.

What is Altus Strategies: Altus Strategies expanded its activities in Egypt after amendments to the Mineral Resources Act offering investors more attractive terms were approved in 2019, and following the acquisition by Sawiris-owned La Mancha of a 35% stake in Altus in February 2020. Its subsidiary Akh Gold snagged exploration licenses for 9 Eastern Desert blocks earlier this year, with Sawiris saying he would take part in further tenders. Altus could invest up to USD 200 mn if any exploration pans out. Altus parent company La Mancha announced plans in July to transform itself into a mining fund.

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