LBC:CC - [Video Enhanced] Why did Frank Giustra purchase an 11.2% stake in Libero Copper?
(TheNewswire)
Vancouver, BC – July 18, 2024 – TheNews w ire – Global Stocks News –Disseminated on behalf of Libero Copper. On June 14, 2024 Libero Copper (TSXV: LBC) (OTCQB: LBCMF) announced the approval of a Territorial DevelopmentPlan for the Municipality of Mocoa for theperiod 2024-2028.
Libero Copper is developing the Mocoa copper-molybdenum porphyry depositlocated in Putumayo, Colombia . The deposit is 10kilometres from the town of Mocoa. Libero Copper's district scale holdings cover over 1,000 km² - an area 290X biggerthan NYC’s Central Park.
On March 11, 2024, heavyweight mining financier andphilanthropist Frank Giustra purchased an 11.2% stakein Libero . In 2022, Mr. Giustra, who ownsa home in Cartagena, co-founded Aris Mining in Colombia. The companyoperates two underground gold mines targeting production of 500,000ounces of gold per year by H2, 2026.
This participation signifies Giustra’s belief in thecompany's potential and marks Libero Copper's integration into theFiore Group, where Giustra serves as CEO.
The Fiore Group is known for its strategic oversight inthe mining sector. Giustra - a prolific global mining financier - isrenowned for his strategic investments and timing. The inclusion ofLibero Copper into the Fiore Group underscores a larger vision andstrategy.
A pitconstrained inferred resource at Libero’sMocoa project contains 4.6 billion pounds of copper and 511 millionpounds of molybdenum ( November, 2021 43-101 TechnicalReport ). The Mocoa deposit appears to beopen in both directions along strike and at depth.
The development plan, approved by the Municipal Councilof Mocoa, aims to promote the wellbeing and sustainable development of thepopulation of Mocoa.
“Receiving the approval of the Municipal Council is gratifying on apersonal level,” Ian Harris, CEO of Libero Copper, told Guy Bennett,CEO of Global Stocks News. “It has been our focused objective toearn the trust of the local community. This is an importantdevelopment milestone for Libero Copper stakeholders.”
“I've been living in South America for 15 years,” continuedHarris, “I have a Colombian wife, I speak Spanish fluently. Duringmy tenure as CEO, we have initiated multiple partnerships with thelocal community.”
“For instance, our local team needed steel toe boots. Instead ofbuying them at a department store in Medellin, we found a localresident who wanted to make boots. And now he’s doing that for us,and building his business.”
“We discovered three women - two widows and a divorcee - who wantedto make uniforms,” added Harris. “We invested in them. Now thereare 14 women, all heads of households, making uniforms for multipleclients.”
“Sixty percent of our employees are women. This isn't policy, orcharity, or optics, it’s about us keeping our eyes open and buildinga foundation of mutually beneficial local partnerships.”
The approval, signed by the mayor and ratified by the13 municipal council members, reflects strong political support basedon community backing for the strategic direction set forth for theregion.
Key Highlights of Development Plan for Municipality ofMocoa:
-
Development Plan includes Mining andEnergy highlights the potential of strategicmetals in the municipality and the need to deepen their geoscientificknowledge in order to select those that present high mineralpotential.
-
Repeal of ConflictingProvisions repeals any and all provisions,regulations, rules, or directives that impede its implementation orare contrary to the approved development plan.
-
Alignment with Land Use andManagement Plan of the Municipality of Mocoa prioritizes copper production over all other economic uses inthe basin of Ticuanayoy, where the Mocoa Project is located.
-
Extensive CitizenParticipation: nine community workshops withover a thousand participants ensured that the voices and needs of thelocal community, including economic development and job creation, wereintegrated into the plan.
"Achieving this milestone of the approveddevelopment plan for Mocoa, including a section on mining and energy,is a testament to the inclusion of the community's needs ,aspirations, and feedback shaping the final document,” stated Harrisin the June 14, 2024 press release. “It also highlights the leadership and vision of the Mayor andthe Municipal Council of Mocoa .”
“We look forward to continuing to work together tomaximize the benefits of this project while ensuring environmental andsocial stewardship."
"Mining and Sustainable Energy," is one ofthe five pillars of economic development for the Putumayo department. The policy highlights exploration and production of strategicminerals, specifically callingout copper.
The plans also show that the mining titles of the MocoaPorphyry Copper-Molybdenum Project are the only titles in Putumayoassociated with copper.
In November2023 , the National Mining Agency (ANM) of Colombia issued Resolution No. 1006, which defines the minerals ofstrategic interest for the country. Copper was listed at the top of thestrategic minerals list .
“With my background as an engineer, I've beeninvolved in a lot of mine restarts, mine builds, plantconstruction,” Harris told GSN. “A lot of the work is technical.But a key component is forming relationships, earning trust,communicating intentions honestly and transparently to all levels ofgovernment.”
“Currently 50% of the Colombia's exports are oil and coal,”continued Harris. “The country is also the world’s fifth largestproducer of coal. Whether or not you believe in the energy transition,you know those two industries are not going to last forever. Solarpanels, EVs, green energy, require enormous amounts copper. Colombiais motivated to be a key player in energy demands of the future.”
“Since left-wing Gustavo Petro took office asPresident of Colombia in 2022, he has pledged to move away from oiland gas in favour of green alternatives,” reports Oilprice.com . “Petro has spoken publicly on his aims to curb production in favour of renewablealternatives .”
With copper forming the backbone of all renewableenergy initiatives, Petro’s policy would appear to create afavorable environment for copper developers like Libero.
But signals have been mixed. Opposition by Colombianfarmers has stalled one copper mine in ColombianAndes . Meanwhile, in January, 2024, CordobaMinerals raised $40 million from to advance its Alacran copper project inColombia .
“It’s natural for investors to follow election cycles,” Harristold GSN. “But there are bigger forces in play. Our objective atLibero Copper is to create a project that works financially,environmentally, culturally, in any political environment.”
“We got the Mirador Mine in production in Ecuador, because we builta reputation with the President of Ecuador,” added Harris. “He goton board, and provided leadership. How you conduct yourself as acorporation, is critically important.”
Harris spoke at Red Cloud's Pre-PDAC2024.
“The Mocoa project in Colombia already has over 600 million tons ofresource,” Harris told the Red Cloud conference attendees. “Itcontains over 2 million tons of copper today, and I believe, is justin its infancy. It’s also one of the largest undeveloped molydeposits on the planet, representing 20-30% of the project value,depending on the price of moly.”
“In our recent financings, we've had a new key strategicshareholder, Frank Giustra. Mr. Giustra is going to be involved in howthis company moves forward.”
“We've cleaned up the structure. It's extremely tight. We're in theright commodity. We have the experience to take projects to the finishline. We have extremely strong partnerships now, amazing geology, anda strategy to create significant value to our shareholders.”
“I've been going to Colombia for over 30 years,” Giustra told Ceo.ca , “It is theonly uninterrupted democracy in all of Latin America. I've had nothingbut success in Colombian oil and gas and mining. I have a home inCartagena. I love the country, wonderful people, and the rule of lawworks.”
Giustra’s investment and the integration of Liberointo the Fiore Group indicate a larger vision for the company.
Disclaimer: Libero Copper paid GSN CND $1,500 for the research,writing and dissemination of this content.
Contact: guy.bennett@globalstocksnews.com
Copyright (c) 2024 TheNewswire - All rights reserved.