Shares of Castillo Copper Ltd (ASX:CCZ, LSE:CCZ) has announced the sale of its Cangai Copper Mine to Infinity Mining.
The deal includes three tenements in northern New South Wales, with Castillo receiving 40 million Infinity shares and 20 million options as part of the transaction.
Castillo is in the process of offloading tertiary assets, allowing the company to focus on its primary project, the NWQ Copper Project in the Mt Isa copper belt in northwest Queensland. Castillo will become a significant shareholder in Infinity, enabling it to benefit from any future development of the Cangai site.
The move follows Castillo’s earlier divestment of the BHA West Project, further demonstrating its strategy to unlock shareholder value by finding the right development partners. The company plans to hold onto two other non-core assets, BHA East in New South Wales and the Mkushi Copper Project in Zambia, while seeking further partnership opportunities.