Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) has initiated negotiations for a potential joint venture with Hanrine Ecuadorian Exploration and Mining S.A, a subsidiary of Hancock Prospecting, aiming to secure up to an 80% stake in Titan’s Linderos Copper Project in Ecuador.
Under the proposed agreement, Hanrine plans to invest up to US$120 million (A$180 million) to acquire an 80% interest in the Linderos Project, representing a significant opportunity for Titan shareholders, according to Titan CEO Melanie Leighton.
Leighton expressed satisfaction with the partnership, highlighting Hanrine’s robust financial position and expertise, which positions them well to advance exploration and development efforts at the Linderos Project. She emphasized the deal as a testament to the project’s potential to host a substantial copper porphyry system. 
The Linderos Copper Project spans four contiguous mineral concessions covering 143 square kilometers in southern Ecuador. Fully permitted for exploration and small-scale mining, the project has exhibited promising indicators of multiple porphyry centers, along with evidence of shallow epithermal gold systems.
The majority of exploration activities at Linderos have focused on the Copper Ridge porphyry and Meseta gold prospects. Leighton noted Hanrine’s recognition of the vast copper potential in Ecuador, an emerging mining jurisdiction, as evidenced by its substantial investment in exploration within the region.
Outlined in the proposed terms, the earn-in and joint venture arrangement entail several key milestones, including an initial payment of US$2 million to Titan to secure a 5% interest. Subsequent phases involve drilling and additional expenditure thresholds, with Hanrine potentially earning up to 80% ownership upon reaching the Decision to Mine or reaching a total expenditure of US$120 million.
Completion of formal binding documents and the conclusion of Hanrine’s due diligence assessments, anticipated to finalize imminently, are prerequisite to the transaction’s execution.
