Castillo Copper divests non-core asset

Castillo Copper (ASX:CCZ) has announced the sale of its Cangai Copper Mine Project to Infinity Mining. As part of the agreement, Castillo Copper will receive 40 million shares and 20 million options from Infinity Mining. This sale marks the company's second divestment of a non-core asset within the past year.

Strategic realignment and future plans

Castillo Copper's recent divestment of the Cangai Copper Mine Project aligns with its strategic shift towards focusing on core projects. The company is set to rename itself to New Frontier Minerals, mirroring its focus on developing the Harts Range Niobium-Uranium Project. With plans to secure a strategic partner for its NWQ Copper Project and maintain its remaining non-core assets for future sale, Castillo Copper aims to optimize asset value. The company is also preparing for an accelerated exploration agenda for 2025, concentrating on the Harts Range Project. This strategic realignment is expected to enhance Castillo Copper's growth trajectory in the coming years.

Executive commentary on strategic divestment

Infinity Mining's shareholders have approved the acquisition, and a binding Tenement Sale Agreement has been executed.