First Quantum to begin US$3.5B Taca Taca copper project build in Argentina next year: report

First Quantum Minerals (TSX: FM) plans to start of construction of its US$3.5-billion Taca Taca copper project in Salta province next year, according to Rumbo Minero International.

According to the news outlet, representatives of the Canadian mining company met made the announcement at a local mining event after meeting with Argentine government authorities.

Taca Taca, located 230 km west of the city of Salta, is an advanced exploration stage copper-gold-molybdenum porphyry deposit.

In 2013, measured and indicated resources were reported to be 9.6 million tonnes of contained copper, with inferred resources of 3.4 million tonnes. First Quantum acquired 100% of Taca Taca from Lumina Copper in 2014 through its subsidiary, Corriente Argentina.

The project is expected to create a large number of direct and indirect jobs, boosting the socio-economic growth of the province.

Speaking to Rumbo Minero, John Dean, the general manager of Taca Taca, said that construction scheduled to begin in 2025.

According to the report, the Salta government signed an agreement that will see the Argentine Geological and Mining Service provide scientific and technical assistance in evaluating the project’s environmental and social impact study. It’s also to participate in subsequent activities such as oversight and monitoring.

The company has not responded to a request for comment.

First Quantum recently marked the start of production at a new nickel mine in Zambia. The company is still recovering from the loss of its Cobre Panama copper mine last year, and is pursuing two arbitration cases against Panama to compensate it for the closure.

Shares of First Quantum closed the day about 1% higher. The miner has a market capitalization of $11.7 billion.