Copper development company Hot Chili has taken another step in its consolidation strategy for the Costa Fuego project, in Chile, with a binding letter of intent (LoI) for an option to acquire Australia-listed Bastion’s Cometa project. Cometa consists of exploration and mining concessions covering about 56 km2 in the area located about 15 km south-west of Costa Fuego’s planned operating centre and contiguous with Hot Chili landholdings in the region.
Copper development company Hot Chili has taken another step in its consolidation strategy for the Costa Fuego project, in Chile, with a binding letter of intent for an option to acquire Australia-listed Bastion’s Cometa project.in the area located about 15 km southwest of Costa Fuego’s planned operating centre and contiguous with Hot Chili landholdings in the region.
Cometa provides additional optionality for the discovery of further mineral deposits in the project area with the potential to provide supplemental feed and or a longer mine life than laid out in the recently released preliminary economic assessment . In terms of the LoI, Hot Chili has been granted a 60-day exclusivity period for a due diligence and for its subsidiary, Sociedad Minera La Frontera to enter into a definitive option agreement with Bastion’s subsidiary.
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