https://newsletter.mw.creamermedia.com
Copper|Exploration|Gold|Mining|PROJECT|Operations
Copper|Exploration|Gold|Mining|PROJECT|Operations
copper|exploration|gold|mining|project|operations

Bastion to cut costs in Chile

27th September 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Junior Bastion Minerals has unveiled cost-saving initiatives in Chile amid its talks with fellow-listed Hot Chili regarding the acquisition of the Cometa copper project.

The two companies in late August signed a binding letter of intent (LoI) giving Hot Chili the option to acquire the Cometa project, which is near Hot Chili’s own Costa Fuego copper/gold project.

Cometa consists of exploration and mining concessions covering approximately 56 km2 in an area located approximately 15 km southeast of Costa Fuego’s planned operating centre and contiguous with Hot Chili’s landholdings in the region.

Hot Chili has 60 days in which to conduct a due diligence on the project and to enter into a definitive option agreement, and has a 30-month period in which to exercise the option.

Bastion on Wednesday said that the company would rationalise employment contracts for operating staff in Chile while Hot Chili conducted its due diligence exploration activities, which could result in yearly savings of around A$700 000.

“Following the recent binding LoI to divest our Cometa copper project to Hot Chili for up to $3.3-million, the board believes it is prudent capital management to now manage its Chilean operations solely via consultants which will significantly reduce the current expenses incurred by our in-country permanent staff,” said Bastion executive chairperson Ross Landles.

“We remain focused on creating value for our shareholders, and we are confident that the best way forward is to concentrate our efforts and our funds towards exploring our Canadian lithium portfolio, and our rare earth element project in Sweden.”

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 
Industrial Nozzles & Systems (Pty) Ltd
Industrial Nozzles & Systems (Pty) Ltd

Industrial Nozzles & Systems (Pty) Ltd (Est. 2000) exclusive representative in Southern Africa for LECHLER GmbH (Est. 1879) - Europe's leading...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 10 December 2025
Magazine round up | 12 December 2025
12th December 2025

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.122 0.196s - 151pq - 2rq
Subscribe Now