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Late last year, I wrote about Castillo Copper Limited (ASX: CCZ) which announced some great results from their Cangai Copper Mine.  I was immediately intrigued. However, things did not go well for them as there were some environmental issues which appear to have been sorted out with their reinstatement to the Australian Stock Exchange (ASX).  Cangai Copper Mine in northern New South Wales is still one of Australia’s highest grading historic copper mines with a JORC inferred resource of 3.2Mt @ 3.35% Cu. 

A few months of hibernation and lots of "discussions" and we have a new strategy and a new team.  Most times, these new strategies are a lot of hot air, but what Castillo has come up with is very interesting.

The rebirth is their new project in Zambia's well known "Copperbelt."The two Zambian projects named, Mkushi & Luanshya, are adjacent to producing copper mines, which enhances the upside appeal for Castillo's assets.

Specifically, the Luanshya project is south of three mines owned by Hong Kong-listed, China Nonferrous Mining Corp (HKG: 1258; Market Cap: A$1bn), that produced nearly 6,000t of copper in 2018 with total JORC compliant reserves at 52.3Mt @ 1.26% Cu. A key feature is the underlying geology is the same, comprising the Lower Roan Group which is well known to host copper mineralisation.

In addition, emerging explorer, UK-based Moxico Resources' Mimbula Project has Lower Roan Group structures within its tenure and a JORC compliant resource at 61Mt @ 1.18% Cu. We understand from industry sources that Moxico Resources successfully secured Pre-IPO funding of US$32m which delivered it an implied US$80-90m enterprise value.
The current plan is for Moxico to IPO on the London Stock Exchange in early 2020.

Meanwhile, Castillo is looking to do a listing on the London Stock Exchange at the end of this year.  The company is supported by London stockbrokers Si Capital.


Samso:
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