African Rainbow Minerals Increases Stake in Surge Copper

African Rainbow Minerals (JSE: ARI) has augmented its stake in Canadian junior Surge Copper (TSXV: SURG) by an additional 6.46%. This was achieved through the acquisition of approximately 25.78 million shares.

The share purchases were executed at C$0.175 per share. This price is above Surge Copper’s current market price of C$0.14 per share. The total proceeds for this transaction amounted to around C$4.51 million.

ARM, a company mainly operating gold, platinum, and coal mines in South Africa, first made an investment in Surge Copper in April 2024. At that time, it purchased about 39.61 million shares at C$0.095 each. Subsequently, in June, after exercising its investor rights to prevent dilution, it bought another 1.58 million shares at C$0.15.

With the latest acquisition, ARM now holds approximately 68.74 million of Surge Copper’s shares, whi...