Boliden (BOL-T) has passed a development milestone by producing the first copper cathode at the Lomas Bayas mine in northern Chile.
The US$244-million Lomas Bayas project, one the key assets acquired by Boliden in its takeover of Westmin Resources, includes an open-pit mine and a solvent extraction-electrowinning facility. Boliden plans to be producing LME-grade cathode copper by the third quarter at an annual rate of 60,000 tonnes. Over a 12-year mine life, cash costs are expected to average US50cents per lb. copper, with recoveries estimated at 66%.
Proven and probable reserves stand at 319 million tonnes grading 0.35% copper with a stripping ratio of 0.3-to-1. There is, in addition, a measured, indicated and inferred in-pit resource of 220 million tonnes of 0.28% copper, based on a copper price of US$1 per lb.
Meanwhile, 3 km away at Boliden’s Fortuna de Cobra copper project, a 60,000-metre drilling program will be carried out as part of a feasibility study. At last count, resources there stood at 592 million tonnes grading 0.272% copper.
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