Minto copper project moves closer to production

An environmental review of the Minto copper project in the central Yukon has been completed, reports Minto Explorations (MXO-V).

The project is being developed under a joint-venture agreement with Asarco (AR-N), which will acquire a 70% interest in return for providing US$25 million in project financing. Minto will retain a 30% interest and act as operator.

The partners have applied for a Type A Water Use Licence, which is required for the project under the Yukon Waters Act. Engineering for the mill and ancillary facilities is under way, and the project is expected to process 525,000 tons per year over an initial mine life of 13 years.

The project is on the western side of the Yukon River, about 240 km northwest of Whitehorse.

During the first five years of operation, Minto is expected to produce up to 35,500 tons of concentrate annually, which will contain an average of 27 million lb. copper, 10,000 oz. gold and 160,000 oz. silver.

The average cash operating cost per pound of copper produced (including all freight, smelting and refining charges) is estimated to be US52 cents, after gold and silver credits. Proven and probable reserves were last estimated as being 7.9 million tons averaging 1.76% copper, 0.015 oz. gold and 0.22 oz.

silver per ton.