2nd Nov 2015 10:45
LONDON (Alliance News) - Metminco Ltd on Monday said it made good progress on the Los Calatos copper project in southern Peru in the third quarter.
Following robust results from a study into high-grade mining operations at the site, Metminco said some interested parties have entered into a process of due diligence, site visits and proposal submissions in relation to creating a joint venture with Metminco to develop the project.
"We have made excellent progress at Los Calatos during the quarter with the completion of the strategic mining study which has identified a significantly lower capital cost development option that has the potential to yield good financial returns," said Managing Director William Howe.
"Following completion of the mining study the company has been approached by a number of interested parties who are currently undertaking a due diligence on the Los Calatos data set in order to make a decision on their possible involvement in the project," Howe added.
Shares in Metminco were up 4.3% to 0.292 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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