Alcyone close to offtake deal
PERTH (miningweekly.com) – Silver miner Alcyone Resources has restarted silver recoveries at its Texas project, in Queensland, with the miner telling shareholders that it was on the verge of securing a silver purchase agreement.
Alcyone noted on Monday that following the restart of the crushing operation several weeks ago, silver recovery operations restarted over the weekend, with the first shipment of dore bars expected prior to the end of the month.
The company has revamped the crushing plant at the Texas mine, bringing the plant’s capacity to 1.1-million ounces a year. The final work of the upgrade would occur during an operational shutdown in the last two weeks of September.
Alcyone noted that once the upgrade was complete, the circuit would deliver some 85 000 t of ore to the heap leach each month, providing the basis for a significant increase in production levels during early 2014.
Meanwhile, the silver miner said on Monday that it was currently in discussions with a number of precious metal streaming funds regarding a silver purchase agreement.
It was anticipated that the agreement would deliver an upfront payment of up to $10-million in exchange for the right to purchase up to 15% of Alcyone’s silver production from the Texas project at a low fixed cost, over the life of the mine.
The purchase agreement would also accelerate production growth, with significant development and operational expansion forecast upon completion.
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