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Mining & Metals

Canadian Copper Receives Court Date to Approve Caribou Complex Transaction

Canadian Copper (CCI.CN) received a court hearing in Vancouver, scheduled for June 29, to approve the Caribou Complex deal, it said on Wednesday.The company, as buyer, and FTI Consulting Canada, the court appointed Receiver of Trevali Mining New Brunswick Ltd., and the New Brunswick Government (GNB) continue to advance key transfer approvals and regulatory matters of the Caribou Complex transaction ahead of the court date, it said."This will reduce official title transfer timeline and the transition schedule of site handover activities from GNB to Canadian Copper," said the company in a statement. "It is expected that Canadian Copper and its site team will accept responsibility of the Caribou Complex in July."Its key site personnel and supporting third-party team members will be announced this month, it added.Shares of the company were last seen down $0.01 to $0.59 on the Canadian Securities Exchange.Price: $0.59, Change: $-0.01, Percent Change: -1.67%

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Mining & Metals

OR Royalties Up 1% In US Premarket As Buys Precious Metals Stream on Canadian Copper's New Brunswick Assets

OR Royalties (OR.TO) was at last look up 1% in US premarket trade after the company said it is acquiring a precious metals stream on Canadian Copper's (CCI.CN) New Brunswick assets for US$28.0 million.A statement noted the assets comprise the Murray Brook properties and the Caribou property, and include the Caribou Processing Plant.OR Royalties will pay US$5.0 million cash upon closing, with US$23.0 million funded quarterly in line with project construction budgets, a statement said. A US$35.0 million concentrate prepayment facility has been provided by Ocean Partners UK, securing the full construction financing required to advance the project into commercial production.Concurrent with closing, OR Royalties will subscribe to US$4.0 million in Canadian Copper shares at C$0.75 apiece.Canadian Copper will deliver refined silver and gold equal to 20% of the payable silver and gold in concentrate or any other product for the life of mine to OR Royalties. This does not include payable gold from Murray Brook."Canadian Copper's Murray Brook Project checks all of our strategic boxes; the integration of Murray Brook and the Caribou Complex creates a premier brownfield polymetallic project with significant precious metals credits in a Tier-1 mining jurisdiction. Thanks to existing infrastructure and strong alignment with local stakeholders, the project benefits from a significantly accelerated development timeline. We are excited to partner with Canadian Copper as they advance toward a mine-and-mill restart, which is expected to deliver high-margin GEOs to OR Royalties before the end of the decade," said OR Royalties chief executive Jason Attew.OR Royalties shares closed down $0.12, to $54.44 on Monday on the Toronto Stock Exchange.

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