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Vancouver, BC – July 22, 2024 – TheNewsWire – Global Stocks News – Disseminated on behalf of Libero Copper. On June 14, 2024 Libero Copper (TSXV: LBC) (OTCQB: LBCMF) announced the approval of a Territorial Development Plan for the Municipality of Mocoa for the period 2024-2028.
Libero Copper is developing the Mocoa copper-molybdenum porphyry deposit located in Putumayo, Colombia. The deposit is 10 kilometres from the town of Mocoa. Libero Copper's district scale holdings cover over 1,000 km² - an area 290X bigger than NYC’s Central Park.
On March 11, 2024, heavyweight mining financier and philanthropist Frank Giustra purchased an 11.2% stake in Libero. In 2022, Mr. Giustra, who owns a home in Cartagena, co-founded Aris Mining in Colombia. The company operates two underground gold mines targeting production of 500,000 ounces of gold per year by H2, 2026.
This participation signifies Giustra’s belief in the company's potential and marks Libero Copper's integration into the Fiore Group, where Giustra serves as CEO.
The Fiore Group is known for its strategic oversight in the mining sector. Giustra - a prolific global mining financier - is renowned for his strategic investments and timing. The inclusion of Libero Copper into the Fiore Group underscores a larger vision and strategy.
A pit constrained inferred resource at Libero’s Mocoa project contains 4.6 billion pounds of copper and 511 million pounds of molybdenum (November, 2021 43-101 Technical Report). The Mocoa deposit appears to be open in both directions along strike and at depth.
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The development plan, approved by the Municipal Council of Mocoa, aims to promote the wellbeing and sustainable development of the population of Mocoa.
“Receiving the approval of the Municipal Council is gratifying on a personal level,” Ian Harris, CEO of Libero Copper, told Guy Bennett, CEO of Global Stocks News. “It has been our focused objective to earn the trust of the local community. This is an important development milestone for Libero Copper stakeholders.”
“I've been living in South America for 15 years,” continued Harris, “I have a Colombian wife, I speak Spanish fluently. During my tenure as CEO, we have initiated multiple partnerships with the local community.”
“For instance, our local team needed steel toe boots. Instead of buying them at a department store in Medellin, we found a local resident who wanted to make boots. And now he’s doing that for us, and building his business.”
“We discovered three women - two widows and a divorcee - who wanted to make uniforms,” added Harris. “We invested in them. Now there are 14 women, all heads of households, making uniforms for multiple clients.”
“Sixty percent of our employees are women. This isn't policy, or charity, or optics, it’s about us keeping our eyes open and building a foundation of mutually beneficial local partnerships.”
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The approval, signed by the mayor and ratified by the 13 municipal council members, reflects strong political support based on community backing for the strategic direction set forth for the region.
Key Highlights of Development Plan for Municipality of Mocoa:
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Development Plan includes Mining and Energy highlights the potential of strategic metals in the municipality and the need to deepen their geoscientific knowledge in order to select those that present high mineral potential.
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Repeal of Conflicting Provisions repeals any and all provisions, regulations, rules, or directives that impede its implementation or are contrary to the approved development plan.
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Alignment with Land Use and Management Plan of the Municipality of Mocoaprioritizes copper production over all other economic uses in the basin of Ticuanayoy, where the Mocoa Project is located.
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Extensive Citizen Participation: nine community workshops with over a thousand participants ensured that the voices and needs of the local community, including economic development and job creation, were integrated into the plan.
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"Achieving this milestone of the approved development plan for Mocoa, including a section on mining and energy, is a testament to the inclusion of the community's needs, aspirations, and feedback shaping the final document,” stated Harris in the June 14, 2024 press release. “It also highlights the leadership and vision of the Mayor and the Municipal Council of Mocoa.”
“We look forward to continuing to work together to maximize the benefits of this project while ensuring environmental and social stewardship."
"Mining and Sustainable Energy," is one of the five pillars of economic development for the Putumayo department. The policy highlights exploration and production of strategic minerals, specifically calling out copper.
The plans also show that the mining titles of the Mocoa Porphyry Copper-Molybdenum Project are the only titles in Putumayo associated with copper.
In November 2023, the National Mining Agency (ANM) of Colombia issued Resolution No. 1006, which defines the minerals of strategic interest for the country. Copper was listed at the top of the strategic minerals list.
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“With my background as an engineer, I've been involved in a lot of mine restarts, mine builds, plant construction,” Harris told GSN. “A lot of the work is technical. But a key component is forming relationships, earning trust, communicating intentions honestly and transparently to all levels of government.”
“Currently 50% of the Colombia's exports are oil and coal,” continued Harris. “The country is also the world’s fifth largest producer of coal. Whether or not you believe in the energy transition, you know those two industries are not going to last forever. Solar panels, EVs, green energy, require enormous amounts copper. Colombia is motivated to be a key player in energy demands of the future.”
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“Since left-wing Gustavo Petro took office as President of Colombia in 2022, he has pledged to move away from oil and gas in favour of green alternatives,” reports Oilprice.com. “Petro has spoken publicly on his aims to curb production in favour of renewable alternatives.”
With copper forming the backbone of all renewable energy initiatives, Petro’s policy would appear to create a favorable environment for copper developers like Libero.
But signals have been mixed. Opposition by Colombian farmers has stalled one copper mine in Colombian Andes. Meanwhile, in January, 2024, Cordoba Minerals raised $40 million from to advance its Alacran copper project in Colombia.
“It’s natural for investors to follow election cycles,” Harris told GSN. “But there are bigger forces in play. Our objective at Libero Copper is to create a project that works financially, environmentally, culturally, in any political environment.”
“We got the Mirador Mine in production in Ecuador, because we built a reputation with the President of Ecuador,” added Harris. “He got on board, and provided leadership. How you conduct yourself as a corporation, is critically important.”
Harris spoke at Red Cloud's Pre-PDAC 2024.
“The Mocoa project in Colombia already has over 600 million tons of resource,” Harris told the Red Cloud conference attendees. “It contains over 2 million tons of copper today, and I believe, is just in its infancy. It’s also one of the largest undeveloped moly deposits on the planet, representing 20-30% of the project value, depending on the price of moly.”
“In our recent financings, we've had a new key strategic shareholder, Frank Giustra. Mr. Giustra is going to be involved in how this company moves forward.”
“We've cleaned up the structure. It's extremely tight. We're in the right commodity. We have the experience to take projects to the finish line. We have extremely strong partnerships now, amazing geology, and a strategy to create significant value to our shareholders.”
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“I've been going to Colombia for over 30 years,” Giustra told Ceo.ca, “It is the only uninterrupted democracy in all of Latin America. I've had nothing but success in Colombian oil and gas and mining. I have a home in Cartagena. I love the country, wonderful people, and the rule of law works.”
Giustra’s investment and the integration of Libero into the Fiore Group indicate a larger vision for the company.
Disclaimer: Libero Copper paid GSN CND $1,500 for the research, writing and dissemination of this content.
Contact: guy.bennett@globalstocksnews.com
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