Peruvian copper and zinc mining firm Minera Antamina has reported that the development of its Yanacancha mine in Peru will be carried out by four companies: Camesa, Cosapi, SSK and Tecnicas Metalicas Ingenieros. Antamina will invest USD 1.29bn (EUR 924.41mn) in order to increase its mineral processing capacity by 38% to 130,000 metric tonnes (TM) per year.
Publication: Esmerk - News monitoring
Provider: Esmerk
February 3, 2010
Showing posts with label Mining. Show all posts
Showing posts with label Mining. Show all posts
1/6/10
Antamina approves US$1.3bn expansion
The board of Peruvian copper-zinc producer Minera Antamina has approved a US$1.29bn expansion project, the mine's owners announced Tuesday.Anglo-Australian BHP Billiton (NYSE: BHP), Anglo-Swiss Xstrata (LSE: XTA) and Canada's Teck (TSX: TCK) separately reported the plan to go ahead with a 38% increase in the processing rate to 130,000t/d.
The multinationals own 33.75%, 33.75% and 22.5%, respectively of Antamina. The remaining 10% is held by Japan's Mitsubishi. Each of the four partners has approved its respective share of capital expenditure, said BHP Billiton.
Output will grow by some 30% and the mine life is set to be extended six years to 2029, thanks to a 77% expansion of ore reserves to 745Mt completed in 2008.
Minera Antamina will borrow money and use cash flow to complete the project, said Teck.
Construction is due to start during the first quarter of 2010, with first output slated for late 2011 and commissioning for late 2012.
Works include expanding the concentrator plant, building a new 55km transmission line, enhancing water management and tailings storage systems and acquiring new mining equipment.
Antamina produced 74,600t of copper in 3Q09, down 14.4% year-on-year due to lower grades and recoveries. Zinc output rose by the same percentage to 109,600t and molybdenum production was more than halved at 1.5Mlb (680t).
The mine is in Peru's Ancash region.
The multinationals own 33.75%, 33.75% and 22.5%, respectively of Antamina. The remaining 10% is held by Japan's Mitsubishi. Each of the four partners has approved its respective share of capital expenditure, said BHP Billiton.
Output will grow by some 30% and the mine life is set to be extended six years to 2029, thanks to a 77% expansion of ore reserves to 745Mt completed in 2008.
Minera Antamina will borrow money and use cash flow to complete the project, said Teck.
Construction is due to start during the first quarter of 2010, with first output slated for late 2011 and commissioning for late 2012.
Works include expanding the concentrator plant, building a new 55km transmission line, enhancing water management and tailings storage systems and acquiring new mining equipment.
Antamina produced 74,600t of copper in 3Q09, down 14.4% year-on-year due to lower grades and recoveries. Zinc output rose by the same percentage to 109,600t and molybdenum production was more than halved at 1.5Mlb (680t).
The mine is in Peru's Ancash region.
Publication: Business News Americas - English News
January 6, 2010 (21:43)
10/28/09
Minera Koritambo estimates investment of USD 14.5mn up until May 2013
Peruvian mining firm Minera Koritambo, a subsidiary of Canadian mining company Apoquindo Minerals, has estimated that it will invest USD 14.50mn (EUR 9.66mn) between the end of 2009 and May 2013. The money will be invested in acquisitions and exploration at the Huarman (Ancash), Pachagon (La Libertad) and Zafranal (Arequipa) mining prospects.
Publication: Esmerk - News monitoring
Provider: Esmerk
October 27, 2009
Publication: Esmerk - News monitoring
Provider: Esmerk
October 27, 2009
10/24/09
Minmetals to begin constructing Galeno mine in 2010
Chinese mining firm Minmetals has reported that it will begin constructing its Galeno mine in Peru in 2010. The mine will produce copper, gold, silver and molybdenum from 2014. The project to develop the mine will require an investment of USD 1bn (EUR 666mn). A feasibility study has shown that the mine will be capable of producing some 144,000 tonnes of copper concentrate per year during its 20-year life span. Minmetals is part of a group of Chinese companies that will invest USD 6bn in Peru during the next three years.
Publication: Esmerk - News monitoring
Provider: Esmerk
October 23, 2009
Publication: Esmerk - News monitoring
Provider: Esmerk
October 23, 2009
9/8/09
Gold Fields sells 7.5% stake in Eldorado for US$293mn
South African miner Gold Fields (NYSE, Nasdaq: GFI) has sold its stake of 27.8mn shares in Vancouver-based Eldorado Gold for US$293mn, the former said in a statement. The amount is 7.49% of the 371mn shares Eldorado had issued as of June 30. The company said it would use the proceeds of the sale to pay off debt.
Gold Fields said the transaction will not have any impact on a previous arrangement whereby the South African company agreed to sell its 19.9% stake in Australia's Sino Gold Mining (ASX: SGX) to the Canadian in order to allow a merger between Eldorado and Sino.
Eldorado has several projects worldwide, among them the Vila Nova iron ore deposit and an option with Brazauro Resources (TSX-V: BZO) to earn up to 75% in the Tocantinzinho gold project in Brazil. Gold Fields has the Cerro Corona producing yellow metal mine in Peru.
Publication: Business News Americas - English News
Provider: Business News Americas
September 8, 2009
Minera IRL forms JV with Collingwood to explore Veca gold property
Lima-based gold producer Minera IRL (Lima, AIM: MIRL) has signed a letter of intent with Collingwood Peru to form a JV to explore the Veca property some 30km southeast of Huamachuco district in La Libertad region, the former said in a statement.Under the agreement, Minera IRL will pay Collingwood US$100,000 for 60% of the project and Collingwood will keep the remainder. The deal is expected to close this month.
Minera IRL also agreed to pay Collingwood US$10/oz for the gold it discovers and converts into proven and probable reserves, and US$0.15/oz for silver recovered if the operation enters production.
The company also has the option of increasing its stake to 70% by paying Collingwood US$2mn and can increase that to 80% under certain scenarios, Minera IRL said.
The company also agreed to spend at least US$200,000 in exploration expenses the first year and has the right to terminate the agreement at any time after the first year.
But if Minera IRL chooses to continue past the first year, it must pay another US$200,000 in exploration expenditures and issue an advance payment of US$400,000 to Collingwood.
Minera IRL also runs the 30,000oz/y Corihuarmi gold mine in Peru and has other precious metals projects.
Publication: Business News Americas - English News
Provider: Business News Americas
September 8, 2009
9/2/09
Rio Cristal Resources signs option deal to buy Peruvian property
Rio Cristal Resources Corp. announced today that it has signed a binding Letter of Intent (LOI) to enter into an Option Agreement to acquire the 2,400 hectare Condor early stage gold project in southern Peru. The LOI was entered into with a group of five individuals who hold the rights to the Condor concessions.
The Condor project consists of concessions totaling approximately 2,400 hectares located in the Nasca region of Peru.
The Project is approximately 420 kilometers south of Lima and just 40 kilometers from the Pan-American highway. The Project's altitude varies from an estimated 800 meters to 3,000 meters.
Thomas Findley, President and CEO of Rio Cristal, said, "adding an early stage exploration project like Condor is an important step as we implement our project diversification strategy of acquiring gold and copper properties."
Under the LOI, the Company will pay US$5,000 for the exclusive right to conduct technical and legal due diligence over a 60 day period.
The terms of the LOI call for the Company to acquire a 100% interest in the Condor project through a series of cash and share payments over a four year period totaling US$880,000 (US$20,000 upon signing the Option Agreement) and 1,700,000 Rio Cristal common shares (200,000 shares upon signing the option agreement).
The agreement also grants the owners a 2% net profits interest which may be bought out for US$3,000,000. In addition the Company must spend US$900,000 in exploration activities on the property over the same four year period ($150,000 in the first year). The Agreement is subject to approval by the TSX-Venture Exchange.
Condor represents a quartzite-hosted, epithermal gold system where detailed channel sampling reportedly contains up to 16 meters averaging greater than 6.0 grams per tonne gold and 100 meters averaging greater than 1.0 grams per tonne gold within intensively fractured and oxidized quartzite beds.
Mineralization appears to be controlled by broad structural corridors which represent potential for low-cost open pit mining and heap leach extraction. Due diligence will confirm these results prior to entering into a formal agreement.
Rio Cristal Resources is a Canadian corporation focused on the discovery and further development of gold, copper and zinc deposits in Peru.
The principal asset of RCR is the Charlotte Bongara claim block located in northern Peru within an emerging Mississippi Valley-type zinc district. Additional information can be found on the Company's website.
Publication: Andina - English Newswire
Provider: Andina
September 2, 2009
The Condor project consists of concessions totaling approximately 2,400 hectares located in the Nasca region of Peru.
The Project is approximately 420 kilometers south of Lima and just 40 kilometers from the Pan-American highway. The Project's altitude varies from an estimated 800 meters to 3,000 meters.
Thomas Findley, President and CEO of Rio Cristal, said, "adding an early stage exploration project like Condor is an important step as we implement our project diversification strategy of acquiring gold and copper properties."
Under the LOI, the Company will pay US$5,000 for the exclusive right to conduct technical and legal due diligence over a 60 day period.
The terms of the LOI call for the Company to acquire a 100% interest in the Condor project through a series of cash and share payments over a four year period totaling US$880,000 (US$20,000 upon signing the Option Agreement) and 1,700,000 Rio Cristal common shares (200,000 shares upon signing the option agreement).
The agreement also grants the owners a 2% net profits interest which may be bought out for US$3,000,000. In addition the Company must spend US$900,000 in exploration activities on the property over the same four year period ($150,000 in the first year). The Agreement is subject to approval by the TSX-Venture Exchange.
Condor represents a quartzite-hosted, epithermal gold system where detailed channel sampling reportedly contains up to 16 meters averaging greater than 6.0 grams per tonne gold and 100 meters averaging greater than 1.0 grams per tonne gold within intensively fractured and oxidized quartzite beds.
Mineralization appears to be controlled by broad structural corridors which represent potential for low-cost open pit mining and heap leach extraction. Due diligence will confirm these results prior to entering into a formal agreement.
Rio Cristal Resources is a Canadian corporation focused on the discovery and further development of gold, copper and zinc deposits in Peru.
The principal asset of RCR is the Charlotte Bongara claim block located in northern Peru within an emerging Mississippi Valley-type zinc district. Additional information can be found on the Company's website.
Publication: Andina - English Newswire
Provider: Andina
September 2, 2009
9/1/09
Simsa to seek strategic partners
Peruvian zinc miner San Ignacio de Morococha (Simsa) reported that its board has authorized the company to seek potential strategic partners.
The board unanimously agreed to invite six companies which could be interested in forming strategic partnerships to sign identical confidentiality agreements, and hire an investment bank to oversee the process, Simsa said in a statement.
Once the agreements are in place, due diligence processes will begin under the supervision of the investment bank, the statement said.
Simsa mines at San Vicente in the Chanchamayo area of Junín region in central Peru, where zinc concentrate output reached 17,535t in the second quarter.
Publication: Business News Americas - English News
Provider: Business News Americas
September 1, 2009
The board unanimously agreed to invite six companies which could be interested in forming strategic partnerships to sign identical confidentiality agreements, and hire an investment bank to oversee the process, Simsa said in a statement.
Once the agreements are in place, due diligence processes will begin under the supervision of the investment bank, the statement said.
Simsa mines at San Vicente in the Chanchamayo area of Junín region in central Peru, where zinc concentrate output reached 17,535t in the second quarter.
Publication: Business News Americas - English News
Provider: Business News Americas
September 1, 2009
8/20/09
Vena enters into joint venture to develop Pucara project
Vena Resources Inc. announced that it has signed a Letter of Intent with IIMPUL Peru, a Peruvian gold/copper production and trading company, to put the Pucara gold/copper project into production as soon as permits are received.
The Letter of Intent, which will be set out in a definitive Joint Venture Agreement, involves four key revenue streams which will be funded by IIMPUL and from future cash flow generated by the Joint Venture:
"JV Mine": To develop and mine the underground gold/copper veins at Pucara. It is expected that by the end of 2010, Vena will be able to recover its US$2 million (approximate) invested so far in developing Pucara. The remaining after-tax profit will be divided 50/50 between the two partners.
"JV Expansion": The identification and purchase of high-grade copper (greater than 3% Cu) properties in the vicinity of the Pucara project with investments and gains/losses to be split 50/50 by Vena and IIMPUL. It is intended that the JV-Mine operation will fund these acquisitions. Vena is presently reviewing technical data from two nearby operations.
"JV Mill": To install a scalable mill capable of processing high-grade copper ore (greater than 3% Cu). The mill is expected to have an initial capacity of 200 tons-per-day (tpd) with the expectation that the mill processing rate will reach 5,000 tons-per-month of at least 3% Cu by the end of the first year of operations and continue to expand. 50% of the feed will come from the existing Pucara project. Any gains or losses resulting from this operation will be split 50/50 between Vena and IIMPUL.
"JV Toll Milling": This is IIMPUL's core expertise in Peru and given Pucara's strategic location (60 kilometres from Juliaca) and outstanding infrastructure, the JV intends to provide custom milling services to several local copper miners. IIMPUL has already identified and is negotiating with several miners with high-grade copper veins ready to be serviced by the joint venture. Any gains resulting from this operation will be split 70/30 in favor of IIMPUL.
Publication: Andina - English Newswire
Provider: Andina
August 19, 2009
The Letter of Intent, which will be set out in a definitive Joint Venture Agreement, involves four key revenue streams which will be funded by IIMPUL and from future cash flow generated by the Joint Venture:
"JV Mine": To develop and mine the underground gold/copper veins at Pucara. It is expected that by the end of 2010, Vena will be able to recover its US$2 million (approximate) invested so far in developing Pucara. The remaining after-tax profit will be divided 50/50 between the two partners.
"JV Expansion": The identification and purchase of high-grade copper (greater than 3% Cu) properties in the vicinity of the Pucara project with investments and gains/losses to be split 50/50 by Vena and IIMPUL. It is intended that the JV-Mine operation will fund these acquisitions. Vena is presently reviewing technical data from two nearby operations.
"JV Mill": To install a scalable mill capable of processing high-grade copper ore (greater than 3% Cu). The mill is expected to have an initial capacity of 200 tons-per-day (tpd) with the expectation that the mill processing rate will reach 5,000 tons-per-month of at least 3% Cu by the end of the first year of operations and continue to expand. 50% of the feed will come from the existing Pucara project. Any gains or losses resulting from this operation will be split 50/50 between Vena and IIMPUL.
"JV Toll Milling": This is IIMPUL's core expertise in Peru and given Pucara's strategic location (60 kilometres from Juliaca) and outstanding infrastructure, the JV intends to provide custom milling services to several local copper miners. IIMPUL has already identified and is negotiating with several miners with high-grade copper veins ready to be serviced by the joint venture. Any gains resulting from this operation will be split 70/30 in favor of IIMPUL.
Publication: Andina - English Newswire
Provider: Andina
August 19, 2009
7/27/09
Dana Resources acquires Oro Chicama gold project in northern Peru
Dana Resources, a US-based precious minerals exploration company, announced that it has successfully acquired the Oro Chicama gold project in northern Peru.
Dana Resources (OTCBB: DANR) currently owns and operates seven mining concessions located in Peru's most prolific mining regions.
The Oro Chicama Gold Project covers 2471 acres in Ancash, Northern Peru's prolific mining region. The geology in this trend consists of volcanic sequences of andesitic spills and tuffs of the Calipuy Group which have been proven to contain some of the world's largest base and precious metals deposits.
The Ancash region of Peru is host to world famous silver, gold, and copper deposits owned by global mining leaders such as Barrick, Teck Cominco, BHP Billiton, Xstrata and Mitsubishi.
Dana Resources purchased the Oro Chicama Gold Project as its geology and position in the trend line is similar to several world class neighbouring mines.
With some of the richest mineral reserves in the world, Peru is one of the highest producing countries of precious & base metals in Latin America.
Previously inaccessible regions are now becoming available through modern technology and equipment, making the high diversity of marketable minerals an extremely attractive prospect. In total, Peru holds about 16 percent of the world's known mineral reserves.
Dana Resources is a precious and base metals exploration company with offices in the United States and Peru. Dana's management team possesses local knowledge, extensive international connections, a wealth of experience and technical expertise in mining, mining finance, exploration and production.
Dana Resources has acquired a portfolio of gold, silver and other precious & base metal properties located in Peru's most prolific mining regions. With Peru growing as a producer of gold, silver and other metals on the international market, Dana Resources is well positioned to capitalize on the escalating global demand for commodities.
The management team and Directors are committed to creating value for their shareholders and to the long-term success of Dana Resources.
Publication: Andina - English Newswire
Provider: Andina
July 27, 2009
Dana Resources (OTCBB: DANR) currently owns and operates seven mining concessions located in Peru's most prolific mining regions.
The Oro Chicama Gold Project covers 2471 acres in Ancash, Northern Peru's prolific mining region. The geology in this trend consists of volcanic sequences of andesitic spills and tuffs of the Calipuy Group which have been proven to contain some of the world's largest base and precious metals deposits.
The Ancash region of Peru is host to world famous silver, gold, and copper deposits owned by global mining leaders such as Barrick, Teck Cominco, BHP Billiton, Xstrata and Mitsubishi.
Dana Resources purchased the Oro Chicama Gold Project as its geology and position in the trend line is similar to several world class neighbouring mines.
With some of the richest mineral reserves in the world, Peru is one of the highest producing countries of precious & base metals in Latin America.
Previously inaccessible regions are now becoming available through modern technology and equipment, making the high diversity of marketable minerals an extremely attractive prospect. In total, Peru holds about 16 percent of the world's known mineral reserves.
Dana Resources is a precious and base metals exploration company with offices in the United States and Peru. Dana's management team possesses local knowledge, extensive international connections, a wealth of experience and technical expertise in mining, mining finance, exploration and production.
Dana Resources has acquired a portfolio of gold, silver and other precious & base metal properties located in Peru's most prolific mining regions. With Peru growing as a producer of gold, silver and other metals on the international market, Dana Resources is well positioned to capitalize on the escalating global demand for commodities.
The management team and Directors are committed to creating value for their shareholders and to the long-term success of Dana Resources.
Publication: Andina - English Newswire
Provider: Andina
July 27, 2009
3/8/09
Andean American to invest over US$75 million in Peru gold projects
Andean American Mining Corp. plans to invest more than US$ 75 million in two new gold projects in Peru called Invicta (Lima) and Sinchao (Cajamarca), announced the company's vice president, Luis Vela.
"Invicta and Sinchao are the two best results in the last three years of exploration," Vela told Andina news agency.
Andean American Mining is a Canadian owned company that operates in Peru since 1995 and is dedicated to the exploration and exploitation of minerals, primarily gold and silver.
Andean American Mining Corp. is actively pursuing new targets of potential early stage gold and silver prospects in Peru and currently has two key assets: the 41,500 hectare Invicta gold-silver-copper advanced exploration project and 61% of Sinchao Metals Corp., owner of the Sinchao polymetallic mineralization project.
Andean American continues to maintain excellent community relations and a commitment to responsible environmental practices. The company has a strong management team with over 60 years experience and an effective board dedicated to excellence in corporate governance.
Publication: Andina - English Newswire
Provider: Andina
March 8, 2009
"Invicta and Sinchao are the two best results in the last three years of exploration," Vela told Andina news agency.
Andean American Mining is a Canadian owned company that operates in Peru since 1995 and is dedicated to the exploration and exploitation of minerals, primarily gold and silver.
Andean American Mining Corp. is actively pursuing new targets of potential early stage gold and silver prospects in Peru and currently has two key assets: the 41,500 hectare Invicta gold-silver-copper advanced exploration project and 61% of Sinchao Metals Corp., owner of the Sinchao polymetallic mineralization project.
Andean American continues to maintain excellent community relations and a commitment to responsible environmental practices. The company has a strong management team with over 60 years experience and an effective board dedicated to excellence in corporate governance.
Publication: Andina - English Newswire
Provider: Andina
March 8, 2009
1/27/09
Fortuna increases silver production at Peru's Caylloma mine
Fortuna Silver Mines Inc. reported 2008 production performance figures and provide a 2009 production guidance for its Caylloma Mine, located in southern Peru.
The Mine produced 889,782 ounces of silver, an increase of 85% compared to 2007. For 2009 the Company anticipates silver production of 1.6 million ounces, an expected increase of 80% compared to 2008.
A Technical report on Reserves and Resources for the Caylloma mine is available on the Company's website at www.fortunasilver.com.
Mr. Jorge Ganoza, CEO of the Company, commented: "Our team at Caylloma has done a superb job in delivering sustained metal production growth since the start of mining in late 2006. For 2009 we plan this growth to continue. The expected increase in silver is the result of our successful investments in exploration and development of new bonanza style silver veins which began contributing to production in the fourth quarter of 2008."
Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America.
The company's primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico
Publication: Andina - English Newswire
Provider: Andina
January 27, 2009
The Mine produced 889,782 ounces of silver, an increase of 85% compared to 2007. For 2009 the Company anticipates silver production of 1.6 million ounces, an expected increase of 80% compared to 2008.
A Technical report on Reserves and Resources for the Caylloma mine is available on the Company's website at www.fortunasilver.com.
Mr. Jorge Ganoza, CEO of the Company, commented: "Our team at Caylloma has done a superb job in delivering sustained metal production growth since the start of mining in late 2006. For 2009 we plan this growth to continue. The expected increase in silver is the result of our successful investments in exploration and development of new bonanza style silver veins which began contributing to production in the fourth quarter of 2008."
Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America.
The company's primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico
Publication: Andina - English Newswire
Provider: Andina
January 27, 2009
11/2/08
Juniors lacking finance options for mining exploration
Mining exploration in Peru in what is left of this year and next will diminish due to the fact that the 150 juniors at work locally are or will be struggling to obtain the financing they need from the markets on which they trade (mainly the bourses of Toronto and Vancouver, Canada, plus The City of London). Some juniors have seen their shares fall by 50% this year, notes Miguel Cardozo, president of the Comite de Mineria at the Camara de Comercio Canada-Peru as well as being executive president of the junior Alturas Minerals. The firms have been struggling for cash since February.
Peru received almost US$550mil in mining exploration investment in 2007; Cardozo expects the total to be similar this year before dropping substantially (around 30%) in 2009.Luis Vela, executive vice-president of Andean Exploraciones, a junior trading on the Vancouver exchange, says that firms must seek out other financing formats. Andean boasts two projects, Invicta (in Lima) and Sinchao (in Cajamarca). Between them, they will require investment of US$80mil in 2009 if reserves are to continue to be confirmed. Meanwhile, the director of finance at Compania Minera Buenaventura, Carlos Galvez points out that a slowing-up of investment will return to haunt firms further down the road when quality and volumes take a tumble.
Publication: SABI - Business News
Provider: South American Business Information
Date: November 2, 2008
Peru received almost US$550mil in mining exploration investment in 2007; Cardozo expects the total to be similar this year before dropping substantially (around 30%) in 2009.Luis Vela, executive vice-president of Andean Exploraciones, a junior trading on the Vancouver exchange, says that firms must seek out other financing formats. Andean boasts two projects, Invicta (in Lima) and Sinchao (in Cajamarca). Between them, they will require investment of US$80mil in 2009 if reserves are to continue to be confirmed. Meanwhile, the director of finance at Compania Minera Buenaventura, Carlos Galvez points out that a slowing-up of investment will return to haunt firms further down the road when quality and volumes take a tumble.
Publication: SABI - Business News
Provider: South American Business Information
Date: November 2, 2008
8/21/08
Inca Pacific buys ball mill for Magistral
Vancouverite Inca Pacific Resources (TSX-V: IPR) has awarded Bateman Engineered Technologies the contract for the supply of a ball mill, expected to be delivered by September 2010, for its Magistral copper-molybdenum project in Peru, the former reported.
"We are very pleased to be placing this long lead-time order while we wait to receive approval of our environmental and social impact assessment as well as many other key permits. We believe that working on multiple critical path matters at the same time is essential to keep the Magistral project on schedule," Inca Pacific's CEO Anthony Floyd said in a statement.
Inca Pacific said it is also evaluating the purchase of either a semi-autogenous grinding (SAG) mill or a high pressure grinding roll (HPGR) mill.
"Operating costs and delivery times for HPGR mills are currently better than SAG mills. In addition, the HPGR technology may offer advantages in plant capacity and process recoveries," the statement said.
A decision regarding which milling technology will be used at Magistral, as well as finalization of negotiations with a vendor to provide the selected technology is expected within 45 days.
The project entails building a 20,000t/d open-pit mine and concentrator to produce copper and molybdenum concentrates for 15 years, and has an estimated US$402mn capex.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: August 20, 2008
"We are very pleased to be placing this long lead-time order while we wait to receive approval of our environmental and social impact assessment as well as many other key permits. We believe that working on multiple critical path matters at the same time is essential to keep the Magistral project on schedule," Inca Pacific's CEO Anthony Floyd said in a statement.
Inca Pacific said it is also evaluating the purchase of either a semi-autogenous grinding (SAG) mill or a high pressure grinding roll (HPGR) mill.
"Operating costs and delivery times for HPGR mills are currently better than SAG mills. In addition, the HPGR technology may offer advantages in plant capacity and process recoveries," the statement said.
A decision regarding which milling technology will be used at Magistral, as well as finalization of negotiations with a vendor to provide the selected technology is expected within 45 days.
The project entails building a 20,000t/d open-pit mine and concentrator to produce copper and molybdenum concentrates for 15 years, and has an estimated US$402mn capex.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: August 20, 2008
8/13/08
Gold Fields plans to invest $800 million to operate Cerro Corona mining project
The company Gold Fields, fourth producer of gold in the world, plans to invest 800 million dollars in the exploitation of minerals of the deposit found in the project Cerro Corona, located in Cajamarca region, reported today its executive vice-president for South America, Juan Luis Kruger. Kruger indicated that the company has already invested 550 million dollars in the mentioned project and that it is in the final stage of the mining plant setting up.
"On August 10 the plant started producing as a test, minerals concentrates and, from this weekend, we will begin to produce the lot of minerals that we will export to the refineries that we have abroad ", he indicated.
In addition, Kruger pointed out that the first consignment of golden and copper concentrates will depart from Salaverry's port in La Libertad to international markets in the month of September.
Cerro Corona project is located ten kilometers northwest of the town of Hualgayoc, 30 kilometres southwest of Bambamarca (provincial capital) and 90 kilometers away from Cajamarca city, the capital of the department.
Publication: Andina - English Newswire
Provider: Andina
Date: August 13, 2008
"On August 10 the plant started producing as a test, minerals concentrates and, from this weekend, we will begin to produce the lot of minerals that we will export to the refineries that we have abroad ", he indicated.
In addition, Kruger pointed out that the first consignment of golden and copper concentrates will depart from Salaverry's port in La Libertad to international markets in the month of September.
Cerro Corona project is located ten kilometers northwest of the town of Hualgayoc, 30 kilometres southwest of Bambamarca (provincial capital) and 90 kilometers away from Cajamarca city, the capital of the department.
Publication: Andina - English Newswire
Provider: Andina
Date: August 13, 2008
Apoquindo Minerals lists on Lima exchange
Vancouverite Apoquindo Minerals (TSX-V: AQM) has started trading on Peru's Lima stock exchange under symbol AQM, the company reported in a statement.
Apoquindo is one of several foreign juniors that have listed on Lima's bourse in recent years as a complement to their initial listings, typically in Toronto or London.
The company is optioning the Pachagón porphyry copper project in Peru's La Libertad region from ASC Peru, a subsidiary of US-based Apex Silver (Amex: SIL).
However, Apoquindo is not focused strictly on exploration and plans to bring into production a roughly 25,000t/y copper mine of the same name in Chile within the coming years.
The company is planning to release a resource update on the project this month following which it will embark on a road show to raise funds.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: August 13, 2008
Apoquindo is one of several foreign juniors that have listed on Lima's bourse in recent years as a complement to their initial listings, typically in Toronto or London.
The company is optioning the Pachagón porphyry copper project in Peru's La Libertad region from ASC Peru, a subsidiary of US-based Apex Silver (Amex: SIL).
However, Apoquindo is not focused strictly on exploration and plans to bring into production a roughly 25,000t/y copper mine of the same name in Chile within the coming years.
The company is planning to release a resource update on the project this month following which it will embark on a road show to raise funds.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: August 13, 2008
7/9/08
Geneva Resources, Inc. Receives Final Geophysics Report on Vilcoro Gold Property, Peru
Marcus Johnson, President of Geneva Resources Inc. ("Geneva"), and Lori McClenahan, President of St. Elias Mines Ltd. ("St. Elias" or the "Company"), announce that the final geophysical report on the Vilcoro Gold Property in Peru has been received from Fugro Ground Geophysics. The Company has an option to earn a 66% interest in the Vilcoro Property from St. Elias Mines Ltd.
The geophysical survey comprised 13.9 km on 17 lines with IP-Resistivity readings at 25-meter intervals and Magnetic readings at 10-meter intervals. The geophysical interpretation shows that the "MAIN TREND" of gold mineralization is cored by a distinct chargeability (IP) anomaly that begins approximately 100 meters below surface. Such anomalies are commonly caused by disseminated sulphides associated with epithermal gold mineralization. This chargeability anomaly, which is about 400 meters long and 200 meters wide, corresponds to that part of the "MAIN TREND" where highest gold grades were obtained from surface sampling, and is considered a top-priority drill target.
The Company has secured the services of a professional organization to immediately begin an Environment Impact Study required by the Government of Peru to obtain a drilling certificate. Representatives of the Company are currently in the field negotiating with the owners of surface rights for permission to build drill roads and platforms.
Publication: PR Newswire
Provider: PR Newswire
Date: July 9, 2008
The geophysical survey comprised 13.9 km on 17 lines with IP-Resistivity readings at 25-meter intervals and Magnetic readings at 10-meter intervals. The geophysical interpretation shows that the "MAIN TREND" of gold mineralization is cored by a distinct chargeability (IP) anomaly that begins approximately 100 meters below surface. Such anomalies are commonly caused by disseminated sulphides associated with epithermal gold mineralization. This chargeability anomaly, which is about 400 meters long and 200 meters wide, corresponds to that part of the "MAIN TREND" where highest gold grades were obtained from surface sampling, and is considered a top-priority drill target.
The Company has secured the services of a professional organization to immediately begin an Environment Impact Study required by the Government of Peru to obtain a drilling certificate. Representatives of the Company are currently in the field negotiating with the owners of surface rights for permission to build drill roads and platforms.
Publication: PR Newswire
Provider: PR Newswire
Date: July 9, 2008
6/25/08
Shougang Hierro Peru gets go-ahead for expansion
Peruvian iron ore producer Shougang Hierro Peru's board has authorized the company to begin a major investment program to increase its output capacity by 8m tonnes/year.
The project foresees installation of a beneficiation unit and a pelletizing plant, besides mine development in Marcona (southern Peru). In total, Shougang is expected to invest around US$1bn in the program, Steel Business Briefing learns from a company announcement.
As previously reported, the upgrade is expected to be concluded by mid-2010 and will virtually double Shougang’s capacity to 16m t/y. The company is also considering a second expansion phase that would eventually increase output to 20m t/y.
Publication: SBB - Steel Business Briefing
Provider: Steel Business Briefing
Date: June 25, 2008
The project foresees installation of a beneficiation unit and a pelletizing plant, besides mine development in Marcona (southern Peru). In total, Shougang is expected to invest around US$1bn in the program, Steel Business Briefing learns from a company announcement.
As previously reported, the upgrade is expected to be concluded by mid-2010 and will virtually double Shougang’s capacity to 16m t/y. The company is also considering a second expansion phase that would eventually increase output to 20m t/y.
Publication: SBB - Steel Business Briefing
Provider: Steel Business Briefing
Date: June 25, 2008
4/14/08
Candente to produce Canariaco feasibility in early 2009
Candente Resources expects to publish a feasibility study on its Canariaco copper project in Peru in early 2009, CEO Joanne Freeze told MB. The project is near Chiclayo in Peru`s Lambayeque department. The company has expanded the project scope, which has extended the timetable, and aims to receive a new resource estimate by mid-May that will provide the geological information to form the basis of the feasibility study.
An updated scoping study based on the new resource estimate, showing updated cash flow analyses and estimated capital expenditure, is expected by end-July. "We started the feasibility study on the basis of the first best 100 million tonnes, but we decided that was too small. The first idea for processing was leaching but we are now moving towards flotation because it has a higher recovery rate and we feel that leaching leaves too much copper on the table," she said.
Freeze said 90% copper recovery is possible with flotation, and that the company has been advised that an operation capable of processing 65,000 tpd of mineral could be developed for under $1 billion. A project of this size should yield an estimated 80,000 tpy of copper. The company, which aims for first production by late 2011, is open to advancing the project on its own or with a partner.
"If we are on our own, we will start smaller and ramp up after payback of capex, perhaps starting between 50,000 tpd and 65,000 tpd to get it into production and get cash flow. If we take on a partner, there could be other options," she said. The project could provide enough feed for an operation capable of processing as much as 120,000 tpd of mineral eventually, although Freeze said the capex of such a sized project would likely be "more than we wish to do alone". Candente was formerly looking at a leach and SX-EW operation that would process 30,000 tpd of mineral to produce 37,000 tpy of copper. Freeze said the company has received interest from copper smelters and traders around the world, including in Asia, that are interested in providing attractive investments to develop the project in order to secure copper concentrates.
Publication: Metal Bulletin
Provider: Metal Bulletin com
Date: April 14, 2008
An updated scoping study based on the new resource estimate, showing updated cash flow analyses and estimated capital expenditure, is expected by end-July. "We started the feasibility study on the basis of the first best 100 million tonnes, but we decided that was too small. The first idea for processing was leaching but we are now moving towards flotation because it has a higher recovery rate and we feel that leaching leaves too much copper on the table," she said.
Freeze said 90% copper recovery is possible with flotation, and that the company has been advised that an operation capable of processing 65,000 tpd of mineral could be developed for under $1 billion. A project of this size should yield an estimated 80,000 tpy of copper. The company, which aims for first production by late 2011, is open to advancing the project on its own or with a partner.
"If we are on our own, we will start smaller and ramp up after payback of capex, perhaps starting between 50,000 tpd and 65,000 tpd to get it into production and get cash flow. If we take on a partner, there could be other options," she said. The project could provide enough feed for an operation capable of processing as much as 120,000 tpd of mineral eventually, although Freeze said the capex of such a sized project would likely be "more than we wish to do alone". Candente was formerly looking at a leach and SX-EW operation that would process 30,000 tpd of mineral to produce 37,000 tpy of copper. Freeze said the company has received interest from copper smelters and traders around the world, including in Asia, that are interested in providing attractive investments to develop the project in order to secure copper concentrates.
Publication: Metal Bulletin
Provider: Metal Bulletin com
Date: April 14, 2008
3/25/08
Volcan studying new Zn reserves at Cerro de Pasco
Peruvian zinc miner Volcán is carrying out studies to outline the 54Mt of new reserves needed to expand the open pit at its Cerro de Pasco operation, according to a report by Lima bank BCP.
The company is also studying the relocation of Cerro de Pasco's concentrator as a part of the expansion.
Representatives of BCP and Volcán were not available for comment when contacted by BNamericas.
Volcán currently has recorded 53.6Mt of reserves at Cerro de Pasco, the largest reserve base of the company's operations.
Cerro de Pasco, first mined in the 1500s, is one of the world's oldest existing mining operations. Last century the mine was under control of the Cerro de Pasco Corporation until it was nationalized in 1973 and then privatized in 1999, when it was acquired by of Volcán.
Volcán is one of the world's largest zinc producers with output of 335,926t last year.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: March 25, 2008
The company is also studying the relocation of Cerro de Pasco's concentrator as a part of the expansion.
Representatives of BCP and Volcán were not available for comment when contacted by BNamericas.
Volcán currently has recorded 53.6Mt of reserves at Cerro de Pasco, the largest reserve base of the company's operations.
Cerro de Pasco, first mined in the 1500s, is one of the world's oldest existing mining operations. Last century the mine was under control of the Cerro de Pasco Corporation until it was nationalized in 1973 and then privatized in 1999, when it was acquired by of Volcán.
Volcán is one of the world's largest zinc producers with output of 335,926t last year.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: March 25, 2008
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