Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) has completed the acquisition of a further 10% of Toronto-listed Libero Copper & Gold Corporation, taking its stake to 19.8%.
The gold miner originally announced the C$6.3mln (£3.7mln) investment in December but has now received approval from the Canadian authorities.
Anglo Asian reiterated the acquisition is in line with a strategy to increase its interests in copper and gold properties both in Azerbaijan and Internationally.
Libero will use the money to explore its Mocoa property in Colombia.
Reza Vaziri, Anglo Asian’s chief executive, said he was delighted with the miner’s first investment outside of Azerbaijan.
"Anglo Asian and Libero are keen to work together on Libero's future development programmes and to share expertise.
"A technical committee comprising representatives from both Anglo Asian and Libero is currently being formed to determine Libero's exploration approach.
“We are also very encouraged by the recently announced drill results for Libero's Big Bulk property in British Columbia, which indicates potential for the property to host a sizeable porphyry deposit.
"The commencement of drilling next month at Mocoa is also a very positive development for Libero."
Assays from the recent drilling at Big Bulk included a drilling intercept of 97 metres of 0.34% copper equivalent with the results confirming a greater than two-kilometre strike length, said Anglo Asian.