By Adriano Marchese

 

Western Copper & Gold Corp. said Tuesday its partner Rio Tinto PLC will participate in a strategic investment and maintain its interest in the company.

The company will issue 878,809 new shares to the Anglo-Australian mining giant and receive 2.3 million Canadian dollars ($1.7 million), which will be used to support Western Copper's copper-gold project in the Yukon.

In late March, Western Copper announced that Mitsubishi Materials Corp. made a strategic investment in the company for C$21.3 million, noting that Rio Tinto had the right to participate as well to maintain its current ownership of 7.84%.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

April 11, 2023 06:58 ET (10:58 GMT)

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