Dismissing Pakistan project, AMSA rushes development Twin Metals rushes in USA
The initiative is a polymetallic project to help expand copper production capacity of the company, and to diversify the portfolio
The Twin Metals Mining Project (60% Duluth Metals, 40% Antofagasta Minerals) located in the town of Duluth, in the state of Minnesota, goes with a march steadily. An AMSA senior source told Diario Financiero they are hoping that “in the first half of 2014 we can move to feasibility in our U.S. joint development”. This means that an estimated investment amount would be announced and would lead to the submission of the Environmental Impact Study to the U.S. authorities.
The Luksic mining company, which until now only operates in the country, recently wrote off the project of gold and copper Reko Diq (U.S. $ 3,300 million) that were in conjunction with Barrick Gold in Pakistan, after the authorities of that country, who held 25% of the project, would increase that percentage even negotiate the delivery of the project to Chinese enterprises and also had drawbacks to agree the tax structure of the transaction. That is the reason why AMSA decided to focus much of its international efforts in viable more quickly Twin Metals, where even could expand its share of 25%, ie, control the development.
Great Potential
One of the latest technical reports on Twin Metals consolidated resources confirmed that the project could become one of the largest copper deposits in the world of its kind. From Duluth encrypted Twin Metals inferred resources of 5.6 million ounces of platinum, 12.7 million ounces of palladium and 3.1 million ounces of gold. Inferred resources of platinum are equivalent to the production of 22 years of Amplats, the largest producer of gold in the world and belongs to Anglo American.
As for base metals, Twin Metals throws an inferred resource of 6,168,856 tons of copper, equivalent to almost four years in production all Codelco’s own tasks. While nickel would contain 1,995,806 tons, equivalent to approximately 6 years production of world’s largest company of this mineral, Russian MMC Norilsk Nickel.
Features
Throughout the 32 000 hectares of land of the project, it is planned to carry as an underground development. Twin Metals formally announced a couple of months ago that he instructed his engineering contractor, Bechtel, the preparation of plans for a mine of 80,000 tons per day and a processing plant. In total, the local press has reported that Twin Metals may require an investment would be around U.S. $ 3 billion, and it will need in its initial phase over a thousand workers.
AMSA Chief Executive Officer Diego Hernandez, had said late last year that the United States could again become more competitive as a result of the best energy costs, and said that Twin Metals could be operational before the end of the decade.
A source close to the AMSA board said that American development “will serve to diversify our portfolio a bit more, but obviously copper is and will remain our strong”.
Source: Diario Financiero
