Codelco studies develop iron ore mine in Brazil in partnership with Glencore
The State Company scored positive results of an exploration campaign in Brazil in the prospectus Tancredo, indicating an initial potential of 1,200 million tons of 32% iron law. It also advances in the Liberdade project, along with Pan Brazil.
Although the Codelco’s internationalization plan has not advanced at the speed that have structural projects in Chile, the state company has continued to make progress in Ecuador and Brazil.
In the latter country, the company has concentrated its exploration targets of iron and copper, located in the state of Pará, in the Gran Carajas area. There, Codelco has developed two initiatives: the blanco Fortuna, the Liberdade project and Tancredo.
In the latter, the Chilean allied with one of the world’s largest mining and which is, in turn, one of the greatest threats to the world’s number one copper Codelco holds. This is Glencore, the mining completed last year that the absorption of the assets of Xstrata in the world, including the Lomas Bayas mine, altonorte Foundry and the 49% of Energía Austral Hydroelectric Project.
Gran Carajas area, where currently is looking Codelco for copper and iron, is the same place where Brazilian mining Vale operates its biggest iron sites, which realize its enormous potential. According to what the Chilean company explained in its 2013’s Report, in this district Codelco explores a portfolio of over 400 hectares of own concessions and partnerships with third parties.
In the first leaflet, the state company is associated with local mining Pan Brazil, and preliminary analysis showed the presence of 242 million tons of copper ore at a grade of 0.77%. In the second objective, the results show a potential of 1,200 million tons of iron ore at a grade of 32%.
In Ecuador, another country in which the company is developing probing tasks have been reviewed and studied more than 20 prospects included in a protocol signed with state company Enami EP there. The most relevant Llurimagua-located in the north-is in the process of obtaining the environmental license to start work on advanced exploration. Exploration has also been successful in Chile. Last year, the company discovered four new landmarks, a number that had never occurred in the history of the corporation.
The company has focused its campaigns in the districts of existing mining, with positive results. “The goal is to find and evaluate resources in the immediate vicinity of the producing sites and provide new geological information for mining development in accordance with the divisional needs,” said the state company. In 2013, the firm made findings by 1.32 million tons of copper equivalent in the Northern districts Salvador and El Teniente.
Regarding greenfield exploration targets outside areas of exploration-mining program has maintained a favorable geological analysis stripes along the country. “For this purpose have been carried out geological surveys, geophysical surveys and drilling on targets of interest from the region of Arica and Parinacota to Biobío, whose recognition will continue in 2014,” the company added. Codelco invested $ 60 million on exploration in 2013, allocating 50% of this amount to the district exploration in Chile.
Globally, nonferrous metal exploration budgets recorded U.S. $ 14.4 billion, a figure 30% lower than 2012. The state company stresses that exploration costs are among the lowest in the world, reaching $ 0.1 per pound pool, while other major producers totaled $ 0.17 per pound.
Source: Pulso
