Castillo Copper Ltd (LSE:CCZ, ASX:CCZ) rose 2.4% in London after the Perth-based miner unveiled a strategic update aimed at "creating value developing core projects."
Referring to its Broken Hill Alliance (BHA) Project, it will focus on extending known cobalt mineralisation within the East Zone and will test targets identified in the West Zone which is proximal to Cobalt Resources' (ASX: COB) Broken Hill Project.
The company added it believes there is a reasonable prospect of securing an off-take partner for its NWQ Copper Project, as many of the processing operators are operating below optimal capacity.
The strategy will also see the company seek development partners to advance assets at Cangai Copper Mine in northern NSW and four other prospective projects in Zambia's Copperbelt.
The strategy is in response to high commodity prices of US$70,000 per tonne for cobalt and US$9,000 per tonne for copper with the group keen to take advantage of the high demand forecast for both minerals.
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Dennis Jensen, managing director, said: “The board’s core strategic intent is to create value for shareholders via developing the core projects.
“With cobalt remaining over US$70,000 per tonne, the priority is to extend known mineralisation across the BHA Project’s East and West Zones via targeted drilling campaigns and formalising a clear path to market."
The company's shares on the Australian Stock Exchange, where it's based, advanced 12%.