Canadian Lumina Copper Corp. (CVE:LCC) fell 8.5% Tuesday after the company hinted its expected sale will have to wait as it plans to carry a study at its Taca Taca massive copper/gold/molybdenum deposit in Argentina.
Lumina, which owns one of the world’s best undeveloped copper projects, announced Tuesday a $23.75-million private placement financing, and said it expects to complete a preliminary economic assessment (PEA) on the project early next year.
The company is part of entrepreneur Ross Beaty’s mining empire, which has a track record of selling copper miners at big premiums.
The Vancouver-based miner put itself up for sale in June this year after plummeting more than 50% from its all-time high of $17.01 a share three months before.
Lumina’s Taca Taca development, comprising 25 square kilometers (9.7 square miles) is located 120 kilometers (75 miles) east of BHP Billiton’s Escondida mine, which is the world’s largest copper mine and is located in Chile.