   | |||
Libero Copper: What is $30 Billion of Copper and Moly Really Worth?Bob Moriarty Libero Copper (LBC-V and LBCMF-OTCQB) owns a massive copper/moly project in the southern region of Colombia. Their Mocoa project shows a 43-101 resource from November of 2021 of 4.6 billion pounds of copper and 511 million pounds of moly in a contained pit resource. Today moly is worth $22 a pound and copper $4.13 a pound. That would make an inground resource of about $30 billion on today’s price. You can buy the whole Libero Copper company today for about $13.3 million. To me that seems absurdly cheap. Libero copper picked up 100% of the Mocoa property from B2 Gold in June of 2018 in exchange for just over 2 million shares and a 2% NSR. It’s hard to determine exactly what the shares were worth at the time but LBC would have been selling for around $5 a share (after a roll back) making it a $10 million purchase. The Colombian government tossed a monkey wrench into the works in January of 2022 when they passed Resolution #110 controlling mining and mineral exploration in the Regional Forest Reserve. While the government gives lip service to Green Energy the Ministry of Environment put a giant barrier into the progress of what would be the only copper mine in Colombia and potentially a giant contribution to taxes. Libero drilled a monster hole and reported the assays in April of 2022. The hole used a diamond drill and showed 1,229 meters of 0.58% CuEq from near surface to 1,236 meters. The results drove the share price up to an adjusted for a later rollback to $10.50 before it dropped 99% due to the confusion created by the Ministry of Environment. While the Ministry of Environment may be confused by what is good for the citizens of Colombia, the local community most affected by a potential mine ten kilometers away are not at all confused. The Community Action Board who governs the community of Montclar approved unanimously a mutual benefit agreement with Libero with support from 95% of the families. On March 11th of 2024 the company announced closing a $2.86 million private placement at $.26 with a full three-year warrant at $.50 with famed Canadian mining investor Frank Giustra. That investment makes him an 11.2% stakeholder in Libero. Frank Giustra and Eric Sprott have together done more for the Canadian mining industry than anyone else I know of. Frank does not casually toss money around. He intends to make money on his investment. I’m not sure how much pull Frank has in Colombia but I will guarantee management of the country will listen to what he will propose. He’s big on creating giant companies and Libero Copper will be the base of one of his stable of many. I happen to be very close to the management of one of his other deals, West Red Lake Gold. Readers need to be aware that Frank has a habit of finding and hiring the very best guys in the industry and letting them do their job. He doesn’t micro manage. WRLG has the best management of any Canadian company I have ever talked to and I was equally impressed with Libero Copper CEO and President Ian Harris. They are going to succeed. Libero Copper is an advertiser. I have bought shares in the open market and that makes me biased. So, you need to do your own due diligence. Libero Copper & Gold Corp ### Bob Moriarty 321gold Ltd |
Copyright ©2001-2024 321gold Ltd. All Rights Reserved