Nittetsu Mining (TYO:1515) said it will invest $3.5 million to acquire an 80% stake in a US copper project through its subsidiary, according to a Monday filing on the Tokyo Stock Exchange.
The company will capitalize its newly established US unit and use it to invest in Wedgetail Operations, which is developing the Oracle Ridge copper project in Arizona.
Following the transaction, the US unit will remain wholly owned, while Wedgetail Operations will become a second-tier subsidiary.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments