Hudbay and VMS Ventures’ Manitoba copper project proceeds apace
TORONTO (miningweekly.com) – Toronto Venture Exchange-listed VMS Ventures on Friday said 70% joint venture partner and project operator Hudbay Minerals would probably spend about $44-million on the development of the Reed copper project near Flin Flon, Manitoba.
During the first quarter, Hudbay had focused on advancing the underground ramp and sinking the escape and ventilation raises from surface.
Of Hudbay's $72-million capital construction budget, the company had invested about $37-million on the project to March 31, and had committed to about $13-million more.
After completing the first portal development round in October 2012, the underground ramp had advanced about 363 m as at March 31. In March, Hudbay was able to start haul truckloads of waste from underground, which was expected to reduce cycle times and improve the rate of ramp development.
"We are very pleased with the progress being made at Reed and, in particular, the efforts being made to keep the project within budget. The project team is doing an excellent job in overcoming the challenges that accompany a project like this and, in particular, at the early phases of the development,” VMS COO Neil Richardson said.
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