Freeport Resources Inc. Secures Private Capital to Meet Growing Demand for Copper
As the world’s demand for copper continues to rise, Canada-based Freeport Resources Inc. (FRI:TSX.V) has positioned itself to meet the coming copper crunch. With two tranches of non-brokered units successfully privately placed, the company has secured a total of CA$2.03 million in funding.
The first tranche, which closed on February 3, brought in CA$1.4 million, while the second tranche, which closed on February 28, raised an additional CA$633,000. The newly-secured funds will be deployed in the development of Freeport’s copper and gold project located in Papua New Guinea.
Freeport’s focus is the Yandera project, one of the largest undeveloped copper deposits in the world, located approximately 95 kilometers southwest of the city of Madang. The project is located in the Bismark Mountain Range in Papua New Guinea.
As the base metal’s importance grows for green energy, supplies are not meeting demand. Copper is a key component in electric vehicles, wind turbines, and solar panels, making it a critical resource for the transition to a low-carbon economy.
Freeport’s umbrella casts a large shadow in the mining industry, and the company is well-positioned to capitalize on the growing demand for copper. With the newly-secured funds, Freeport is poised to take advantage of the current market conditions and meet the needs of a world hungry for copper.
