Skip to content
Finance Investment, Oil Mining Resources

Titan Minerals Limited (ASX:TTM) and Hancock Prospecting Subsidiary, Hanrine, Forge $120M Joint Venture to Unlock Potential of Ecuador’s Linderos Copper Project

Titan Minerals Limited (ASX:TTM) 2 mins read

Sydney, Australia - 18 April 2024: Copper-gold explorer and developer, Titan Minerals Limited (ASX:TTM) is thrilled to announce a significant advancement in its strategic partnership initiatives, having executed a letter of offer to form a joint venture partnership with Hanrine Ecuadorian Exploration and Mining S.A. (Hanrine), a wholly owned subsidiary of Hancock Prospecting Pty Ltd. This collaboration aims to further explore and develop the Linderos Copper Project in Ecuador, representing a pivotal step towards realising the project's potential as a world-class copper exploration venture.

Under the terms of the proposed joint venture, Hanrine will have the opportunity to acquire up to an 80% ownership interest in the Linderos Project through a structured earn-in arrangement valued at up to US$120 million. The key milestones of the agreement include:

  • An initial payment of US$2 million to Titan for a 5% stake.

  • Further exploration efforts, including 10,000 meters of drilling or an additional expenditure of US$8 million, to acquire an additional 25% interest.

  • An additional 15,000 meters of drilling or US$12 million in expenditure to increase Hanrine’s stake to 51%, complemented by an extra US$1 million payment to Titan.

  • Upon a Decision to Mine or a cumulative investment of US$120 million, Hanrine will secure an additional 29% interest, culminating in an 80% total ownership.

The formalisation of this joint venture is subject to the execution of binding documents and the completion of due diligence by Hanrine, expected by April 18, 2024.

Commenting on the proposed earn-in and joint venture Titan’s CEO, Melanie Leighton, said:

“This Joint Venture (JV) deal is an excellent outcome for Titan shareholders, with Hanrine set to spend up to US$120 million (AU$180 million) to earn 80% in the Linderos Project.

“We are very pleased to be partnering with Hancock’s Ecuadorian subsidiary company, Hanrine, who has both the balance sheet and capability to fully explore and develop the Linderos Project. The agreement represents a fantastic endorsement of our belief in the Linderos Project’s potential to host a large-scale copper porphyry system.

“Hanrine clearly see the opportunity for large-scale copper, both at the Linderos Copper Project, and in Ecuador, an emerging mining jurisdiction, having made considerable investment into exploration in Ecuador over recent years.”

The Linderos Copper Project covers an area of 143 square kilometers in southern Ecuador and is fully permitted for exploration and small-scale mining. The project has shown promise with multiple porphyry centers identified and previous drilling confirming extensive copper porphyry mineralization at shallow depths. Recent geophysical surveys have revealed a larger system than previously understood, underscoring the site's potential.

This partnership with Hanrine underscores Titan's commitment to leveraging strategic collaborations to unlock substantial value from its mining assets and strengthen its position in the global mining industry.

About us:

Titan Minerals is focussed on discovering and developing Tier One copper-gold deposits in Ecuador's southern Andean copper-gold belt.

Contact details:

Jane Morgan


More from this category

  • Oil Mining Resources
  • 22/05/2024
  • 22:07
Robex Resources Inc.

Robex Resources Inc. Announces Maiden 303koz Indicated Mineral Resources at the Mansounia Deposit

QUEBEC CITY, May 22, 2024 (GLOBE NEWSWIRE) -- Robex Resources Inc. (TSXV: RBX) (“Robex” or the “Company”) is pleased to announce a Mineral Resource Estimate update prepared by Micon International Co Limited (“Micon”) for the Mansounia Central and Mansounia South deposits (collectively, the “Mansounia Deposit”) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), (the “Mansounia 2024 MRE Update”).Highlights of the Mansounia 2024 MRE Update include:The total contained gold for the Mansounia Indicated Mineral Resources is reported as 303koz following the conversion of 35% of Inferred Mineral Resources to Indicated Mineral Resources compared to…

  • Industrial Relations, Oil Mining Resources
  • 22/05/2024
  • 13:58
Mining and Energy Union

BHP suffers another defeat as OS Agreement rejected again

The Fair Work Commission has rejected another application by BHP for approval of an Enterprise Agreement to cover its production workforce. The Mining and Energy Union said the FWC decision, which found that the proposed Enterprise Agreement was not valid because it had not been explained properly to workers, was the latest in a string of legal defeats for BHP’s in-house labour hire operation. MEU Queensland President Mitch Hughes said the decision delivered late Tuesday was a further indication that BHP’s approach in setting up a subsidiary to provide itself with a cheaper workforce was flawed. “This decision further exposes…

  • Finance Investment, Oil Mining Resources
  • 22/05/2024
  • 10:21
Rincon Resources Limited (ASX: RCR)

Rincon Resources Limited (ASX: RCR) – Over-Subscribed A$5.6m Raising to Expand West Arunta Exploration

Perth, Western Australia - ASX listed minerals explorer, Rincon Resources Limited (ASX: RCR) ("Rincon" or "the Company") is pleased to announce the successful completion of an over-subscribed capital raising of A$5.6 million. The funds were raised through the placement of 56,000,000 fully paid ordinary shares at a price of $0.10 per share. This capital injection will primarily fund the expansion of exploration activities at the Company’s promising West Arunta Project in Western Australia. The placement attracted significant interest from institutional, professional, and sophisticated investors, along with continued support from existing shareholders. The shares were issued at the 10-day Volume Weighted…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.