Vancouver — After extensive consultation with local communities, Corriente Resources (CTQ-T) has completed an Environmental Impact Assessment report (EIA) for a proposed open-pit mine at its wholly owned Mirador copper-gold project in southeastern Ecuador.
The company says the report is one of the most comprehensive documents on social and environmental issues ever submitted to the nation’s mines ministry. Several months of consultations were held to ensure the report met government guidelines and regulations and took into account community views and expectations.
Corriente hopes to have government approval to build a mine at Mirador in the first quarter of 2006. Meanwhile, the company is engaged in discussions with various parties interested in purchasing and treating copper concentrates.
Last fall the company released details of an optimization study for a “starter project” that would produce an estimated 131 million lbs. copper, 32,000 oz. gold, and 398,000 oz. silver annually, during the first five years of production.
Capital costs are estimated at US$195 million for an operation that would process an average of 25,000 tonnes per day over the proposed 38-year mine life.
Mine planning is based on a measured and indicated resource of 346 million tonnes at an average grade of 0.62% copper, 0.2 gram gold and 1.6 grams silver per tonne, at an average cutoff grade of 0.37% copper.
About 491 million tonnes of waste rock will be removed over the mine-life, resulting in an average strip ratio of about 1.4:1 waste-to-ore. The initial starter pit will have a 0.53:1 strip ratio, based on mining 101.5 million tonnes of ore grading 0.67% copper, 0.21 gram gold and 1.8 grams silver. A contract mining company will be retained to carry out mining activities.
The “starter” project is considered the platform for future expansions at Mirador, including possibly doubling production to 50,000 tonnes per day. The company is also looking to develop other copper projects in the surrounding Corriente copper belt.
Corriente recently closed a $30-million financing to fund additional work at Mirador, with a portion of the funds allocated for general working capital. The company is currently reviewing proposals from various firms for mine engineering, procurement and construction.
In addition to Mirador, the company is advancing the Panantza and San Carlos copper deposits, and exploring numerous copper and copper-gold targets in the prospective district. The region is served by a transportation corridor to the Pacific Coast and existing port facilities.
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