Australian mining company Metminco Ltd. is looking for a
strategic investor for its Los Calatos copper-molybdenum
project in southern Peru.
"The board of
directors remains firmly focused on advancing Los Calatos,
recognizing the need for a financially strong strategic partner
in the current market environment," managing director William
Howe said in a statement. "To this end, our strategic process
is ongoing as we remain in discussions with suitable
output potential is estimated at 83,000 tonnes of copper in
concentrate per year.
Metminco owns six
projects in Chile and Peru, three of which are at the advanced
exploration stage. One asset is the Mollacas copper leach
project in Chile, where Metminco is continuing with final
"On completion of this
work (at Mollacas), the options being considered for the
project include its development by Metminco, the introduction
of a joint-venture partner or an outright sale," the
Sydney-based company said. "The company will also seek to
joint-venture or divest its other Chilean projects."
The Mollacas project
has measured resources of 19.4 million tonnes grading
0.45-percent copper and 0.16 grams of gold per tonne, as well
as indicated resources of 9.4 million tonnes grading
0.34-percent copper and 0.16 grams of gold per tonne.
The company aims to
become a mid-tier copper producer in South America.
A version of this article was first published by AMM sister
publication Metal Bulletin.