21st Oct 2015 10:31
LONDON (Alliance News) - Metminco Ltd on Wednesday said a number of parties have shown an interest in partnering with the company on the Los Calantos project in southern Peru following the release of its mining study in September.
"The company has granted selected interested parties access to a data room relating to the project, and has established a timetable for the conduct of due diligence, site visits and submission of proposals," it said in a statement.
The LinQ Group has been appointed as an adviser to assist Metminco in identifying the best partner, and will also help with defining the financial parameters of the project.
The mining study, released on September 21, showed the Los Calantos project has a post-tax, ungeared net present value of around USD447.0 million, or once geared it is considered to be worth around USD456.0 million. The project, which also has the bonus of being declared a "project of national interest" by national authorities in Peru, is estimated to need USD655.0 million to construct.
Metminco shares were up 28% to 0.295 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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