Columbus Copper (CCU.V) has announced it has entered into an agreement with First Quantum Minerals (FM.TO) whereby the latter agrees to give Columbus Copper its 20% stake in the Bursa copper project back in return for Columbus’ early stage exploration assets in Serbia.
This is an interesting move, but it’s also a sign that First Quantum isn’t exactly seeing what it wants to see at Bursa. However, now Columbus Copper has reacquired the full ownership of the project, it’s now in an excellent position to find a new joint venture partner.
Disclosure: The author holds a long position in Columbus Copper. Please see our disclaimer for current positions.