Once deposits are discovered and their resources outlined, the next step is to make a development commitment. Here are a two of the more recent ones to have crossed my desk.
Torontos EQUINOX MINERALS has raised $285.0 million toward the development of its Lumwana copper project in Zambia. Total capital costs (including exploration and contingencies) are expected to be US$846.6 million. Measured and indicated reserves are 321.0 million t averaging 0.73% Cu and inferred resources are 417.0 million t at 0.6% Cu, together containing over 13 billion lb of copper, enough to support production for at least 37 years at a rate of 269.0 million lb/year. (see www.EquinoxMinerals.com)
ETRUSCAN RESOURCES of Halifax says its Youga gold mine in Burkina Faso is on track to begin production in June 2007. Five open pits will be mined and the ore treated in a conventional gravity-CIL plant. The proven and probable reserve is 6.6 million t grading 2.7 g/t Au, sufficient to support production for 6.6 years. The cost of development is approximately US$53 million. (see www.Etruscan.com)