News: TTM UPDATE 1-Australia's Titan Minerals to sell up to 80% of Ecuador copper project to...

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April 18 (Reuters) - Australia's Titan Minerals (TTM) said on Thursday billionaire Gina Rinehart's Hancock Prospecting would acquire up to 80% of its Linderos copper project in Ecuador for as much as $120 million, sending its shares nearly 22% higher.

Hancock's Ecuadorian unit, Hanrine Ecuadorian Exploration and Mining, will acquire the project stake upon completion of due diligence investigations, mineral explorer Titan said in a statement.

Due diligence is expected to be complete by April 18, Titan added.

Titan CEO Melanie Leighton said Hanrine has both the balance sheet and capability to fully explore and develop the Linderos project.

Shares of Titan rose as much 21.9% in early trade to A$0.039, their highest in more than five months, while the benchmark stock index (xjo) was up 0.4%.