Marimaca Copper raising $409 million for Chilean project
Marimaca Copper Corp. [MARI-TSX] has announced details of a global offering of $409 million. Net proceeds are earmarked for exploration to advance the company’s flagship Marimaca copper project, which is located in the Antofagasta region of northern Chile.
The global offering will be completed in two parts, including a $136.5 million Canadian treasury offering of 13.65 million common priced at $10 per common share and a $120.5 million secondary offering of 12.04 million existing common shares at the Canadian issue price owned by Greenstone Resources 11 L.P. and Greenstone Co-Investments No 1 (Coro) L.P. (the Greenstone Group.
Concurrently, the company will complete a A$157 million Australian secondary offering of CHESS depository interests priced at A$10.35 per CDI controlled by Greenstone and other shareholders.
When combined, the Canadian and Australian secondary offerings represent aggregate proceeds to the selling shareholders of $272.5 million.
Following closing of the global offering, Greenstone Group will own 2.25 million shares and 6.35 CDIs, representing 6.44% of the common shares and CDIs, down from 18.6% prior to closing.
Marimaca and the selling shareholders have received strong commitments via the Canadian and Australian offerings, the company said in a press release.
On Wednesday, Marimaca shares were active on the news, easing 9.8% or $1.09 to $9.96. The shares trade in a 52-week range of $13.49 and $4.20.
Marimaca is focused on its 100%-owned flagship Marimaca Copper project and surrounding exploration properties located in Antofasta Region. The project hosts the Marimaca Oxide Deposit (MOD), an IOCG-type copper deposit. The company is currently progressing the project through detailed engineering and submission for sectoral permits following the release of the 2025 MOD definitive feasibility study.
The feasibility study envisages pre-production capital costs and capital intensity of US$587 million and US$11,700 per tonne of copper production capacity, positioning MOD as one of the lowest capital cost and intensity development stage copper projects globally.
It also foresees steady stage (years two to 10) production of 49,000 tonnes annually (108 million pounds) of Grade A cathode copper from simple open pit mining with a life of mine strip ratio of 0.8:1, including pre-stripping material.
Maiden proven and probable reserves stand at 178.6 million tonnes with an average grade of 0.42% copper or 750,000 tonnes of contained copper, based on measured and indicated resources.
In parallel, the company is exploring its extensive land package in the Antofagasta region, including 15,000-hectare wholly-owned Sierra de Medina
property block located 25 kilometres from the MOD. The company is currently completing the Phase 11 drilling program (30,000 metres) at Pampa Medina, located in the Sierra de Medina property, after a successful discovery drilling program in 2025 that identified a high-grade sedimentary horizon.