BUENOS AIRES (miningweekly.com) – Colorado-based Golden Minerals plans to spend an initial $100-million to develop its El Quevar silver project in Argentina's Salta province.
Company representatives Jerry Danni and Pablo Castaños discussed the planned investment and outlined a work schedule during a meeting with national Mining Secretary Jorge Mayoral, the secretariat said this week.
The $100-million investment follows some $28-million already spent on exploration in the area.
The project will create over 550 direct and indirect job openings, according to Golden Minerals.
The mine will be located 95 km from the town of San Antonio de los Cobres, over 4 000 m above sea level.
The company is already working on an underground decline at the project.
Golden Minerals plans to complete a preliminary economic assessment on the project by mid-2011, the firm said on January 11.
The company also has earlier-stage projects and prospects elsewhere in Argentina, as well as Mexico and Peru.