8th Jul 2015 09:07
LONDON (Alliance News) - Metminco Ltd on Wednesday said it has made progress on the mining plans for the Los Calatos copper and molybdenum project in southern Peru and is working to remedy the legal problems it faces with the Mollacas copper project in Chile.
Metminco said a study conducted on the Los Calatos prospect has confirmed that the preferred mining method will be a combination of open pit and underground mining at higher copper cut-off grades than were used at the site in 2013. This therefore will target lower-volume but higher-grade feed to a mill at Los Calatos.
On completion of the mining study for the site, Metminco said it will look to start in-fill drilling, metallurgical testwork and environmental baseline monitoring ahead of a feasibility study for the project.
Elsewhere, Metminco said progress has been made on the legal battle its Minera Hampton Chile Limitada unit is waging over the Mollacas deposit in Chile. A Chilean court in March invalidated the company's licence to engage in mining activities in the area after it was found that the licence covered 'planted lands' and said the company had failed to secure the permission of the land owner.
Minera Hampton and Metminco are now in the process of evaluating additional legal actions and will seek a negotiated settlement with the land owner in order to secure mining access for the concessions.
Shares in Metminco were down 2.6% to 0.19 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Metminco