The Nugget Pond processing facility
PERTH (miningweekly.com) – ASX-listed AuTECO Minerals will initiate offtake and funding discussions for its Green Bay copper/gold project, in Newfoundland, the company said on Monday.
The company told shareholders that it had been overwhelmed by the level of inbound inquiries received since announcing its A$65-million deal to acquire the Green Bay project, which currently holds a 39.2-million-tonne resource, at 2.1% copper for 811 999 t of copper equivalent, of which 68% is in the measured and indicated category. The project was last mined in early 2023, and has been on care and maintenance since then.
The acquisition includes the Ming mine and Nugget Pond processing facility, with the infrastructure valued at more than A$250-million.
“The immense interest in Green Bay from potential customers and other major industry participants reflects the quality of the asset, its strong growth outlook and tier-one location,” AuTECO incoming MD Steve Parsons said.
“The global scramble for energy transition metals is gaining pace and the competition to secure exposure to quality assets such as Green Bay is clearly intense. This presents an opportunity for AuTECO to consider structures which may enable us to unlock the value of the asset in an expedited manner.”