As the global demand for critical minerals, particularly copper, continues to surge, the mining industry has seen a robust influx of capital in the first half of 2024. From major public offerings to strategic private placements, companies have raised significant funds to drive exploration, development, and operational expansion. Below, we outline the top 10 largest capital raisings from January to July 2024, showcasing how these funds are being leveraged to advance key mining projects around the world.
#1) Hudbay Minerals Inc. – Hudbay Minerals Inc. secured the largest capital raising in the first half of 2024 with a public offering of $402.48 million. The funds are primarily allocated for debt reduction and to support exploration and development activities across its Copper Mountain, Constancia, and Copper World properties. This move underscores Hudbay’s strategic commitment to bolstering its position in the copper market, vital for meeting growing global demand.
#2) Capstone Copper Corp. – Capstone Copper Corp. raised $264.73 million through a public offering, focusing on further exploration and development at its Mantoverde and Santo Domingo properties. The company also aims to strengthen its working capital, positioning itself to advance these significant copper projects that are critical to its growth strategy.
#3) Western Copper and Gold Corp. – Western Copper and Gold Corp. attracted $33.40 million in funding through a public offering. This capital will be channeled towards the exploration and advancement of the Casino project, one of Canada’s key copper and gold developments. The successful raising reflects confidence in the project’s potential to contribute significantly to the mining sector.
#4) Solaris Resources Inc. – Solaris Resources Inc. raised $29.26 million in a public offering, which will be used to advance its Warintza project in Ecuador. The funding will support ongoing exploration and resource expansion activities, enhancing Solaris’s ability to develop this promising copper asset in South America.
#5) Hot Chili Ltd. – Hot Chili Ltd. completed a private placement, raising $16.45 million to drive exploration and development at its Cortadera-Productora project in Chile. This project is central to Hot Chili’s strategy of establishing a major copper hub in the region, leveraging the growing demand for copper in the global energy transition.
#6) Faraday Copper Corp. – Faraday Copper Corp. raised $16.84 million through a public offering, focusing on advancing its Copper Creek project in Arizona. This capital injection will support exploration activities and strengthen Faraday’s position in the North American copper market, where demand continues to rise.
#7) New World Resources Ltd. – New World Resources Ltd. secured $13.33 million via a private placement to further its Antler and Javelin projects in Australia. The funding will be directed towards development and exploration activities, reinforcing New World’s commitment to expanding its footprint in the Australian mining sector.
#8) Adventus Mining Corporation – Adventus Mining Corporation raised $18.68 million through a private placement, aimed at supporting its Curipamba project in Ecuador. The funds will enable continued exploration and development, with a focus on unlocking the project’s full potential as a significant copper and gold resource.
#9) Collective Mining Ltd. – Collective Mining Ltd. garnered $13.91 million from a private placement to advance its Guayabales project in Colombia. The funding will be instrumental in driving exploration efforts at this emerging gold and copper project, positioning Collective Mining for future growth in the region.
#10) Rex Minerals Ltd. – Rex Minerals Ltd. completed a private placement, raising $7.77 million to support its Hillside and Hog Ranch projects. These funds will enable the company to advance exploration and development activities, particularly in copper, as it seeks to expand its resource base and capitalize on market opportunities.
The substantial capital raisings in the first half of 2024 reflect the mining sector’s resilience and its pivotal role in the global economy. As companies focus on advancing copper projects, they are positioning themselves to meet the growing demand for this essential resource, driven by the global energy transition and technological advancements. The funds raised will not only drive exploration and development but also strengthen the financial health of these companies, ensuring they are well-prepared for the challenges and opportunities that lie ahead.
