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First Quantum Minerals has met with Argentine government authorities about the start of construction of the $3.5 billion Taca Taca copper project in Salta, Rumbo Minero International reported.
According to the news outlet, representatives of the Canadian mining company met with Argentine officials and announced that they will begin construction of the project, located 230 km west of the city of Salta. The announcement was made during Argentina Mining 2024, an international mining sector event held in the Province of Salta.
Taca Taca is a copper-gold-molybdenum porphyry deposit with significant potential and is at an advanced exploration stage.
In 2013, measured and indicated resources were reported to be 9.6 million tonnes of contained copper, with inferred resources of 3.4 million tonnes. First Quantum acquired 100% of Taca Taca from Lumina Copper Corporation in 2014 through its subsidiary, Corriente Argentina S.A. (CASA).
The project is expected to create a large number of direct and indirect jobs, boosting the socio-economic growth of the province.
Speaking to Rumbo Minero, General Manager John Dean said construction is scheduled to begin in 2025.
According to the report, the Salta government signed an agreement stipulating that the Argentine Geological and Mining Service will provide scientific and technical assistance in evaluating the Environmental and Social Impact Study of the project, as well as participate in subsequent activities such as oversight and monitoring.
Shares of First Quantum Minerals rose 0.4% by 12:10 p.m. EDT. The miner has a market capitalization of C$11.7 billion ($8.6 billion).
The company has not responded to a request for comment.
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