Titan cleared to start mining Sphaleros openpit
Toronto-listed Titan Mining has received the permit from the New York Department of Environment and Conservation (NYSDEC), allowing it to begin mining activities on the Sphaleros openpit mine project at the Empire State mine (ESM).
“We are pleased that NYSDEC has recognised the thoroughness of our plan, as well as our commitment to sustainable and responsible development. Completion of this infrastructure project will allow ESM to increase throughput to the existing mill beginning in the first half of 2023,” GM Joel Rheault commented.
The Sphaleros openpit incorporates the Hoist House, Pump House and Turnpike pits, comprising measured mineral resources of 105 000 t at a grade of 3.34% zinc, indicated mineral resources of 595 000 t at a grade of 3.09% zinc and inferred mineral resources of 217 000 t at a grade of 3.37%.
With this permit in hand, ESM is moving immediately to complete construction of a 1.8 mile haul road from the Sphaleros project to the existing mill facility and start waste stripping and site preparation around the openpits.
Titan also announced that it had entered into a fixed zinc pricing arrangement for 50% of the company’s budgeted zinc production for the remainder of 2022 at a price of $1.61/lb of zinc.
“The successful conclusion of these permits is a major step in delivering our goal of increasing mine throughput and payable pounds of zinc, as we maximise the extraction of the resource. Setting a price floor on 50% of our production for the balance of 2022 will ensure that we can cover our financial needs related to payment of dividends, capital costs associated with infrastructure construction and continued to reduction of our debt,” said Titan president and CEO Don Taylor.
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