PERTH (miningweekly.com) – Copper developer Hot Chili has reported a 67% increase in the total indicated resource at its Costa Fuego copper/gold hub in Chile.
The company this week reported that the indicated resource estimate now stood at 725-million tonnes, grading 0.47% copper equivalent, for 2.8-million tonnes of copper, 2.6-million ounces of gold, 10.5-million ounces of silver and 67 000 t of molybdenum.
The inferred resource was estimated at 202-million tonnes, containing 0.6-million tonnes of copper, 0.4-million ounces of gold, 2-million ounces of silver and 13 000 t of molybdenum.
“The world is hungry for advanced, low-risk, senior copper developments with near-term production potential. Copper prices are driving higher and new meaningful copper supply is fast becoming a mirage,” said Hot Chili MD Christian Easterday.
“Hot Chili is well-positioned to deliver into this forecast supply gap and contribute to the decarbonisation super cycle, particularly due to Costa Fuego’s lower economic hurdle resulting from its low elevation location and proximity to existing infrastructure; including abundant grid power with high renewables contributions.
“We are fully funded for 18 months and on track to deliver our next resource upgrade and prefeasibility study later this year as we transform Costa Fuego into one of the world’s next material copper mines.”
Costa Fuego consists of the Cortadera, Productora and El Fuego projects.