BlackRock takes substantial stake in FireFly Metals

New York-headquartered BlackRock has become a substantial shareholder in emerging copper-gold producer FireFly Metals (ASX:FFM).

One of the world’s largest resources investors with $10 trillion in assets under management, BlackRock has taken a 5.1% stake in the $367 million market capitalisation explorer.

This follows a recent $52 million capital raising that included an institutional placement and fully funds FireFly for the next 18 months. 

Just prior to that, FireFly revealed it had secured a port access agreement with TSXV-listed Maritime Resources Corp (TSXV:MAE) to export up to 1 million tonnes each year of mineral concentrate from its Green Bay Copper-Gold Project through the Pine Cove Deep Water Port in Canada. 

The cash raised from the recent capital raising will be used to accelerate drilling at Green Bay, including the addition of a third rig with the aim of rapidly growing the resource.

Write to Angela East at Mining.com.au 

Images: FireFly
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Written By Angela East
Managing Editor Angela East is an experienced business journalist and editor with over 15 years spent covering the resources and construction sectors and more recently working as a communications specialist handling media relations for junior resources companies.