SÃO PAULO 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 partners."
Los Calatos 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 metallurgical testing.
"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.