Codelco’s Exploration subsidiary located two new sites
In size, this “discovery” is similar to Spence and twice to Gaby. Suggests a potential close to 700 million tons of ore at a grade of copper and molybdenum economic.
Codelco’s explorations begin to bear fruit. In 2010, the copper Company, through its subsidiary Exploraciones Mineras Andinas (EMSA), began a new cycle of district explorations, aiming to increase the resource base of the company. A similar process took place in 1982.
The state company invested last year $ 52 million in exploration, scoring two findings of importance in the vicinity of the El Teniente Division, in Region VI.
The first one is a site called Matancillas Alto, located near Rajo Sur. While the second one and most important is La Huifa, located two miles northeast of the El Teniente mine.
In the latter, Codelco already performed the basic exploration campaign and is currently finishing a half-step exploration, which will allow to know precisely what is the actual size of the site and its laws.
The early stages of exploring this new initiative requiring about U.S. $ 500 billion investment. While its advanced scan-to-completion is not yet considered amounts between U.S. $ 30 and U.S. $ 40 million. For exploitation, however, still no estimates of investment.
“The discoveries at El Teniente are good news, as they open new opportunities for the development of the business plan of the division. A site like The Huifa type, by attributes of geological features and location, not discovered every day, “said Codelco’s CEO, Thomas Keller.
He added that due to its size, the site is considered as large mining condition which also help, “a very good average grade of copper and molybdenum”.
According to preliminary estimates by the state company, la Huifa inferred resources would exceed 200 million tons (considering a cutoff of 0.8 to 1%). However, considering a cutoff of 0.5%, “we might get to have a deposit of 600 or 700 million tons with an average grade of 0.6 or 0.7% of copper plus molybdenum “said Codelco’s exploration manager, Jorge Camaño, stressing that these are estimates must finish to be confirmed with advanced scan is now being developed.
According to Camaño, checked if these projections, La Huifa in terms of tons, would be equivalent to a site like Spence or twice Gabriela Mistral.
As the advanced exploration stage is not over yet, Camaño specified that La Huifa could be incorporated into Codelco’s Business Planning and Development from 2015 while Matancillas would later this year.
“Both (discoveries) are highly relevant. Matancillas Alto could give continuity to the production of Rajo Sur project for an additional three years, with the current levels of production (56 000 tons of copper in 2013), “he said.
He added that in the case of La Huifa its development could fit the Rajo Norte Development Plan which could be exploited by underground channels. “But this is a subject to be studied once they finish this stage of exploration,” he said. However, he said that both projects could meet the demand for resources before the launch of the Nuevo Nivel Mina Project, in which Codelco will invest U.S. $ 3,400 million.
“Both projects are relatively close to the surface. There is no doubt that in terms of laws, are attractive for incorporation into the current development plans of the division, “he specified.
Source: La Tercera
