Hot Chili formalises Productora lease mining deal

CONTINGENT on current metal prices, Hot Chili could receive revenue of A$1.2-1.5 million per annum from a lease agreement allowing Chilean government agency ENAMI to mine 120,000tpa from its Productora copper-gold project.
 Hot Chili formalises Productora lease mining deal  Hot Chili formalises Productora lease mining deal  Hot Chili formalises Productora lease mining deal  Hot Chili formalises Productora lease mining deal  Hot Chili formalises Productora lease mining deal

Productora, Chile

Staff Reporter

The agreement has been formalised and Hot Chili is expecting first revenue by the fourth quarter, with the deal driven by ENAMI to ensure ongoing operations (and hence employment) at its nearby processing plant.

Meanwhile, Hot Chili has reaffirmed the copper-gold resource for its Cortadera project is due in "coming months" and has already said it has the potential to "grow significantly beyond the limits" of the pending first estimate. 

Hot Chili initiated an $8.9 million placement and rights issue last month that priced new shares at 1.5c each.

Shares in Hot Chili were up 7% to 1.6c in early trade, capitalising the company at $27.6 million.

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