Apex Silver Mines’ (SIL-X) has completed the first two shipments of concentrate from its San Cristobal property in southwestern Bolivia.
The first 3,500-tonne shipment of lead, zinc and silver bulk concentrate left the Mejillones port in Chile in late September. A second, 9,100-tonne shipment of zinc concentrate was sent to smelters in Asia in October.
The San Cristobal plant was completed in late June and production began in August. Construction of the Mejillones port facility was also completed in the second quarter of the year. Developing the project involved building a 65-km rail spur from the mine to the main rail line.
Based on a bankable-quality feasibility study by an independent engineering firm, Apex Silver believes San Cristobal will be among the world’s largest producers of both silver and zinc.
Apex Silver owns 65% of the San Cristobal mine with Sumitomo (SSUMF-O) of Japan owning the rest.
San Cristobal has about 450 million oz. silver, 8 billion lbs. zinc and 3 billion lbs. lead contained in 231 million tonnes of proven and probable reserves amenable to open-pit extraction. The orebody is open at depth and laterally.
Apex has signed long-term sales agreements with 13 smelters in Europe, Australia and Asia. These agreements cover the sale of a majority of San Cristobal’s planned production of zinc and lead concentrates for the first five years. The company says it plans to sell its remaining concentrate on a spot basis.
The ore’s primary lead material is silver-rich galena and the primary zinc material is sphalerite.
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