Sandfire Resources NL
(ASX:SFR) has increased its stake in North American Copper Development Company Tintina Resources to 57 per cent from 36 per cent, by acquiring a 21 per cent interest from a fellow shareholder.
The additional shareholding, comprising 47.2 million shares, has been acquired by Sandfire in an off-market transaction at an average price of 8.3 Canadian cents per share for total consideration of $3.7 million.
Tintina is developing the high grade Black Butte Copper Project, located in Central Montana.
Sandfire’s Managing Director Karl Simich says the company’s investment in Tintina was consistent with its corporate strategy of securing high-quality assets to compliment its DeGrussa Copper-Gold Mine.
Sandfire reported a net profit of $68.95 million at 30 June 2015.
