Bluequest Sourcing, a 100% subsidiary of commodity trading house Bluequest Resources, has advanced Xiana Mining's secured convertible loan facility to support its acquisition of Minera Altos De Punitaqui (MAP) from Glencore.
Concurrent to the financing, Bluequest has entered into an exclusive offtake agreement for 100% of MAP's copper concentrate production. The acquisition, for $25 million payable to subsidiaries of Glencore and a 1.5% net smelter royalty, was completed on Tuesday November 13. The Chile-based copper-gold mining camp has three operating mines, additional exploration licenses, a 3,600-tonne-per-day concentrator and some associated infrastructure. Located 400 km north of Santiago and 35 km south of Ovalle in Coquimbo, an established mining district, production...