Vale's Santa Lúcia could add to Oz Mineral's Brazilian plans

24th September 2021 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Copper/gold miner Oz Minerals has announced a maiden mineral resource estimate of 5.8-million tonnes at 2.1% copper and 0.35 g/t gold at the Santa Lúcia deposit, in Brazil.

The Santa Lucia project is 100% owned by Brazilian major Vale and the Brazil National Economic Development Bank (BNDES) holds a right to participate in up to 50% of the economic results of the project.

Oz Minerals has an option to purchase Vale’s share of the project and is in discussions with BNDES regarding the possible acquisition of its option to acquire the other 50% interest in the project.

The final purchase price is still to be determined.

“At our Carajás East Hub we recently commenced processing production ore from Pedra Branca, the first of our satellite mines to be realised under the Hub Strategy. We have taken Pedra Branca from a study concept to being permitted, built and into production within three years, a significant achievement by the team in Brazil,” said Oz Minerals MD and CEO Andrew Cole.

“The maiden mineral resource at Santa Lúcia is an important step in our Hub Strategy with the team now focused on advancing the project study, which will incorporate a further drill campaign. The study is assessing the viability of the Santa Lúcia run-of-mine ore being processed concurrently with Pedra Branca ore at the central processing facility at the Carajás East Hub.

“Assay results for the recently completed, 7 000 m of drilling are pending and are anticipated to provide greater confidence in the mineral resource estimate and help inform the project study as we look to update the estimate and complete the study by mid-2022. Both the updated mineral resource estimate and the completed study are key in deciding whether to exercise our option to acquire an interest in the project,” said Cole.