Antofagasta expects 2024 copper output at low end of yearly forecast
Antofagasta produced 284,700 metric tons of copper in the first half, down 3.7% from the same period in 2023.
South American Silver has inked a $16 million deal with Asian investors to go towards its exploration projects in Bolivia and Chile.
The Vancouver-based company (TSX:SAC) has a silver-indium-gallium project in Bolivia, as well as the Escalones copper-gold project in Chile.
Indium is used to manufacture LCD displays and gallium is used in semiconductors. Currently these metals are mainly sourced in China, which has 60-70% of the world’s indium smelting capacity.
“This investment is an important step in facilitating the rapid advancement of one of the world’s largest silver, indium and gallium projects,” CEO and President Greg Johnson said in a statement. “These Asian high technology manufacturers and investors see outstanding value and potential in the Company’s projects, in particular, the large concentrations of the strategically important metals, indium and gallium, which are critical for their manufacturing of flat panel displays, LED lighting and thin film solar panels, among other applications.”
The investors include high-tech companies, materials manufacturers and indium/gallium end-users from Taiwan, Hong Kong, Japan and Korea. The private placement is for 10 million shares at $1.60 per share, which is a 6% premium to the 5-day weighted average share price. SAC was changing hands at $1.60 on Thursday.
Johnson noted Bolivia attracted a number of investments from Asia recently and pointed to an agreement between the governments of Bolivia, China and South Korea to develop other high-tech metals projects.
‘With Malku Khota targeted to produce 10% or more of the global indium and gallium supply, the company may review possible indium/gallium off-take or streaming-type opportunities as a source of project financing after completion of prefeasibility studies on the project.”
The company says Malku Khota is one of the largest silver, indium and gallium resources with an indicated resource of 255 million tonnes containing 230 million ozs silver, 1,481 tonnes indium and 1,082 tonnes gallium.
The proposed heap leach operation would produce 13.2 million ounces of silver, 80 tonnes of indium and 15 tonnes of gallium production annually over the first 5 years.
South American Silver published a resource estimate for its Escalones copper-gold project back in December.
Comments
Dan Oancea
Now we’re talking business! Where were the well-known ‘mining analysts’ on this one? Flew under their radar? Just curious.
It’s always good to have some support from these little known metals. Good job!