IG expands in Myanmar

Indochina Goldfields (ING-T) has boosted minable reserves and production estimates at its Monywa copper project in the north-central plains of Myanmar.

The project, which is jointly owned by IG and the Myanmar government, is being developed in two phases.

The first phase, now under way, entails constructing an open-pit mine to exploit the Sabetaung and Kyisintaung deposits. Annual output from this phase is pegged at 25,000 tonnes.

The second phase is focused on the the Letpadaung deposit, which, according to a recent study, can be developed as a low-cost, large-scale operation employing solvent-extraction electrowinning (SX-EW). The deposit is deemed capable of producing 125,000 tonnes (or 275 million lbs.) of copper cathode per year. An copper recovery of 83% is projected for Letpadaung material.

Total annual production from the Monywa complex is expected to reach an estimated 150,000 tonnes (330 million lbs.) of copper cathode.

Minable reserves now stand at 905 million tonnes grading 0.4% copper (roughly 8 billion lbs.), using a cutoff grade of 0.05% copper and a stripping ratio of 0.92 to 1. This represents a 90% increase over the previous estimate of 408 million tonnes at 0.47% copper.

Cash operating costs are expected to average US40cents per lb. over a mine life of 25 years. Capital costs, stretched over an 18-month construction period, would likely total about US$315 million.

Last year, contracts were signed for financing, construction and copper marketing. Two Japanese firms, Marubeni and Nissho Iwai, are providing a $90-million loan for the project’s first phase. Marubeni and Chiyoda will oversee the designing, building and commissioning of the crushing, conveying and heap-leach facilities, as well as the SX-EW plant.

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