Nord Pacific takes over Tritton

The Australian copper deposit known as Tritton, current- ly owned equally by Nord Pacific (NPF-T) and ASX-listed Straits Resources, will soon be owned entirely by the former. Nord has agreed to buy Straits’ interest for US$5.8 million.

Situated in New South Wales, the underground satellite deposit is 26 km from the Girilambone open-pit copper mine, which is owned 60-40 by Straits and Nord.

Nord will pay US$1.9 million initially and the remainder in instalments over seven years. Capital costs are expected to approach US$27.5 million.

According to a 1998 feasibility study, Tritton contains proven and probable reserves of about 4.6 million tonnes grading 3.14% copper within an overall resource of 9.2 million tonnes grading 2.63% copper. At 1,800 tonnes per day, the mine would produce 128,000 tonnes copper-in-concentrate over a life of seven years. Cash operating costs are pegged at US58 per lb.

The study also considered the possibility of producing copper on site by regrinding concentrates and employing low-temperature pressure-oxidation acid-leaching and solvent extraction-electrowinning. Production, in this case, would amount to about 125,000 tonnes copper cathode annually at US47 per lb.

Nord intends to proceed with financing and development in the first half of 2000, with startup slated for the second half of 2001.

Meanwhile, Nord recently agreed to sell its 31.5% interest in the Ramu nickel deposit in Papua New Guinea to ASX-listed Orogen Minerals for US$5.5 million.