Development will soon begin on the Mariquita copper deposit in northwestern Mexico.
A Mexican company held 49% by Cominco Resources International (TSE) and 51% by Empresas Frisco will acquire the deposit from Cominco for US$5 million, payable in two instalments.
The Mexican company, Minera Maria, already owns and operates the Maria copper mine and mill which are close to Mariquita.
Empresas Frisco will arrange project loans and provide all financing guarantees for up to US$30 million, which is believed sufficient for the cost of construction.
The deposit, in Sonora state, contains 43 million tonnes grading 0.46% copper, the bulk of which is classified as “indicated” ore. The stripping ratio would be less than two tonnes of waste per tonne of ore. The partners have proposed an open-pit, heap-leach, solvent
extraction-electrowinning operation that would produce 15,000 tonnes of high-purity copper cathode per year. An 85% recovery is projected, based on metallurgical tests on representative samples.
Permitting, feasibility and engineering work should be completed by the end of this year. The property is close to a power plant and transportation is not deemed to be a problem.
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