SPAIN – INMET MINING of Toronto has boosted the design capacity for the Las Cruces copper project in which it has a 70% indirect interest. The annual capacity will now be 72,000 tonnes of copper, up from 66,000 tonnes.
Updated costs for the project are also available. Capital costs will be 380 million (Cdn$530 million), of which 26 million has already been spent. The project will receive 54 million in non-repayable subsidies from the Spanish government and the province of Andalusia. Cash operating costs are estimated to be US$0.47/lb of copper.
Inmet says the start-up of the open pit mine and solvent extraction / electrowinning plant 20 km northwest of Seville is planned for January 2008. Basic engineering is complete for Las Cruces, and the project now includes some underground development as well as the pit. The company also expects the aquifer water management system will begin operation in June 2006.
Inmet’s latest annual report can be read at www.InmetMining.com.