Just quickly, let me touch on two new copper mines slated for development in far-flung corners of the world.
CORRIENTE RESOURCES of Vancouver has raised $125 million, the net proceeds from which will be used to build its starter operation at the Mirador copper-gold project in Ecuador. The starter project will have an output of 131 million lb of copper, 32,000 oz of gold and 398,000 oz of silver annually. The mine model predicts a 38-year mine life for a 25,000 tonnes/day operation.
According to Corriente, Mirador is “one of the few new, sizeable copper projects in the world available for near term production.” Initial production is expected in the second half of 2008. Measured and indicated resources are 347 million tonnes grading 0.62% Cu, 0.2 g/t Au and 1.6 g/t Ag. (www.Corriente.com)
ANVIL MINING of Perth, Australia, and Montreal, is committing US$35 million for the Stage I development of its Kinsevere copper-cobalt project in the Katanga province of the Democratic Republic of Congo. Anvil holds 70% of the joint venture, and the Mining Company of Katanga holds the remainder. Stage I development includes construction of a crushing plant, a 1.0 million tonnes/year heavy media separation plant, and an electric arc furnace. The plant will produce approximately 23,000 to 25,000 tonnes of 85%-95% Cu ingots per year. Stage II will encompass the construction of a solvent extraction-electrowinning plant capable of producing 30,000 tonnes of cathodes annually.
Total probably reserves in three deposits are 5.1 million tonnes at 3.90% Cu and 0.12% Co. There are another 2.6 million tonnes of inferred resources at 5.01% Cu and 0.24% Co included in the pit design. Commissioning is scheduled to begin in March 2007.