RE: TSX14 Dec 2025 11:14
commodities
rinehart sets tongues wagging with us$120m exploration push in ecuador
the move has implications for cascabel to sunstone. plus, $14m great western about to drill three degrussa lookalike targets in wa.
29th feb, 24
barry fitzgerald
independent journalist
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fresh from stirring things up in the aussie lithium scene (azure and liontown), australia’s richest person gina rinehart has stepped up her interest in the copper-gold riches of ecuador.
hanrine, a subsidiary of her han**** prospecting, has just plonked down $us120 million in exploration commitments to secure a 49% interest in six concession areas in the north of the country.
its winning bid makes it a junior partner with ecuador’s national mining company, enami (51%), as is required under the constitution.
barry fitzgerald
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hanrine’s pick-up confirms han**** prospecting’s big time copper-gold ambitions in the country.
it is already active at prospects to the south of the london-listed solgold’s tier-1 cascabel project, with bhp and newmont owning 10% respectively of solgold at last count.
now the hanrine pickup positions it close to the big llurimagua copper-molybdenum porphyry discovery (1bt at 1% copper-equivalent), a joint venture between enami and chile’s codelco.
all that has got ecuadorian tongues wagging that perhaps han**** prospecting thinks the time is ripe to make a move to become the dominant player in the north.
the chatter goes like this. cascabel is in play with more than 20 confidentiality agreements signed by solgold and multiple visits to the project for those interested.
bhp and newmont (the interest came through its newcrest takeover) are no doubt in the room. but will they make a move or let other major mining group’s take on the multi-billion development?
han**** prospecting has $us20 billion in cash or thereabouts at its disposal, so it is also no doubt in the cascabel room.
cascabel is just the sort of project that needs to be developed if there is any chance of the gap between supply and demand for copper that bhp says is fast approaching is to be closed.
and then there is hanrine’s pickup, surrounding llurimagua and along the same big andean fault system that hosts cascabel.
historically at least, there has been social and environmental opposition to llurimagua. but could a new broom in the form of han**** prospecting get that all sorted?
so it could be a case that han**** prospecting has cascabel or llurimagua in its sights. and failing that, a serious commitment to finding the next big one on the new hanrine ground, or back at its existing ground position to the south of cascabel.
what is not doubted is the ambition and firepower of the firm to expand and diversify beyond its pilbara iron ore riches.
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