AQM Copper (
TSX: V.AQM,
Stock Forum) shares powered 100% higher to seven cents on volume of more than 1.2 million shares Tuesday after the company announced that Mitsubishi Materials has agreed to invest US$22.60 million into the company’s wholly owned Peruvian subsidiary, Minera AQM Copper Peru S.A.C., and has committed an additional US$15.07 million in exchange for an indirect interest of 20% in the company's Zafranal Project in Peru currently owned in a 50-50 joint venture with Teck Resources.
Mitsubishi Materials will hold a 40% interest in Minera AQM Copper Peru S.A.C. following the closing of the transaction.