Cordoba studying new copper mine in Colombia
TSX-V-listed Cordoba Minerals is studying the potential of a new copper mine in Colombia that will produce an average of 18 100 t/y over more than two decades.
The San Matias copper/gold/silver project preliminary economic assessment (PEA), unveiled on Monday, outlines a plan for a conceptual 8 000 t/d conventional openpit mining operation, increasing to 16 000 t/d after a processing plant expansion, underpinned by 119.1-million tonnes of mill feed grading 0.45% copper, 0.26 g/t gold and 2.41 g/t silver, supporting a 23-year life.
The PEA estimates life-of-mine (LoM) production at 417 300 t of copper, 724 500 oz of gold and 5.93-million ounces of silver contained in a clean copper concentrate and precious metals dore.
In the first five years of operation, San Matias will produce 15 400 t/y of copper in concentrate, increasing to 20 700 t/y from year six after a processing plant expansion.
The mine is forecast to operate at an average LoM C1 cash cost of $1.32/lb copper, net of precious metals by-product credits.
The project will cost $161.4-million and an expansion will require another $120.6-million. Total PEA LoM capital expenditure, including sustaining capital, tailings management and reclamation costs will amount to $527.5-million.
The PEA estimated a pretax net present value of $347-million and a pretax internal rate of return of 26.8%.
Cordoba CEO Eric Finlayson said that this was “just the beginning” for San Matias.
“We believe we have demonstrated a very robust project at San Matias through the PEA work completed by Nordmin,” he said.
“The Alacran deposit, with its significant copper, gold and silver grades and low strip ratio, remains the cornerstone of the project, supplemented by the later addition of mill feed from the Montiel East, Montiel West and Costa Azul pits. . . . . we will continue to explore our highly prospective copper and gold targets within the region.”
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