Reed mine development proceeds ahead of schedule
TORONTO (miningweekly.com) – TSX-V-listed VMS Ventures, which owns a 30% carried interest in the Reed copper project, in Manitoba, on Thursday reported that project development was proceeding slightly ahead of schedule and within budget, placing the project on track for a second-quarter start up.
Ramp development at the $72-million project, in which miner Hudbay Minerals has a 70% interest and is the operator, in February progressed by 123 m, while pre-production development totalled 202 m, bringing the total completed underground workings in the month to 325 m – 108% of what was planned.
To date, development had advanced 2 127 m, including 800 m of pre-production development, giving a total of 2 927 m of advancement.
During February, Hudbay had mined 22 897 t of ore, bringing the total to 82 062 t to date.
VMS also reported that the mine was increasing staff levels to meet the increased development and production targets.
Project spending to the end of February totalled $64.9-million.
“We are very pleased to see the Reed mine continue towards commercial production, with ramp development now approaching the 160 m level.The mine development is a critical process and the 325 m of advancement during the month is a testament to the motivation of the operational team,” VMS COO Neil Richardson said.
The company said that the focus for March would remain on safety and continued ramp development down to the 160 m level.
Commercial production remains on schedule to start in the second quarter and remained within budget.
The year was shaping up to be significant in Hudbay’s portfolio of development projects, as it expected to reach commercial production at its Reed mine, in the first half of the year, and from the main production shaft at Lalor, also in Manitoba, in the second half of 2014.
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