Ecora Resources PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) has provided an update on the Cañariaco copper project in northern Peru following announcements by Fortescue Ltd and Alta Copper Corp.
The companies said Fortescue has entered into a binding agreement to acquire the remaining 64% of Alta Copper shares it does not already own.
Alta Copper owns 100% of the Cañariaco project, which covers ninety-one square kilometres of prospective ground and includes the Cañariaco Norte and Sur deposits and the Quebrada Verde prospect.
An optimised preliminary economic assessment published in June 2024 estimated average annual copper production of 158,000 tonnes in the first ten years.
Ecora noted that it holds a 0.5% net smelter return royalty over the Cañariaco project.