Avanco announces Antas ore reserves
PERTH (miningweekly.com) – Base and precious metals miner Avanco Resources has reported a maiden Joint Ore Reserves Committee-compliant reserve of 2.64-million tonnes at its Antas copper deposit, in Brazil.
Grading 3.19% copper and 0.66 g/t gold, the project is estimated to host a reserve of 84 518 t of copper and 56 277 oz of gold.
Avanco pointed out on Wednesday that some 72% of the project’s contained copper in the measured and indicated resource category had been converted to ore reserves, with 60% of the reserves classified as proven.
Earlier this month, Avanco was granted a mining licence for Stage 1 of its Antas copper project, which would allow the company to establish an openpit operation that would run until the reserves were exhausted.
Avanco is currently hoping to mine about 12 000 t/y of copper and 7 000 oz/y of gold under the Stage 1 development at Antas, with first production targeted for early 2015.
The company told shareholders on Wednesday that securing the $70-million project financing was now the next significant milestone for the development of the Antas mine.
The company’s lead banker would raise $58-million in senior debt, with the remaining $12-million expected to come from BlackRock World Mining Trust, by way of the BlackRock royalty agreement.
While progress towards the execution of the senior debt was ongoing, other time critical construction activities such as engineering design and the import of the ball mill, were also being pursued, Avanco said.
Construction work was slated to start in the fourth quarter, with the commissioning of the Stage 1 project earmarked for the second quarter of 2015.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation