The share price of International Musto Explorations (VSE) was given a boost by speculation the company may acquire a bulk-tonnage copper-gold deposit in Argentina.
The company recently announced it was participating in a call for bids in order to determine the technical economic feasibility of exploiting the Bajo de la Alumbrera deposit in the province of Catamarca.
But recent political events are reported to have slowed the bidding process, and the company does not expect to receive details on the status of its bid until mid-December.
Musto President Lukas Lundin said Bajo de la Alumbrera is “one of the largest unexploited copper-gold deposits in the world,” with reserves of 340 million tonnes grading 0.5% copper and 0.65 grams gold (0.018 oz.) per tonne. The project is road accessible but remained undeveloped, Lundin said, because of Argentina’s economic problems. But he added that political changes during the past 18 months are making the country more attractive to foreign investors.
Musto was recently trading above $3 on the Vancouver Stock Exchange. Lundin said International Musto was the only bidder for the project. Should the bid be successful, he said the company may welcome the participation of a major company.
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