Video: Junior market dominated by ‘the lame, the halt and the blind,’ says Rule
Over two-thirds of today’s junior miners are essentially worthless, says resource speculator Rick Rule.
The open-pit mine, still under construction, is considered the world’s seventh largest copper development and, according to KGHM is on track to begin production in the second half of this year.
KGHM became the majority holder in Sierra Gorda shortly after buying Canada’s Quadra FNX Mining Ltd. in 2012. The $3 billion acquisition is expected to generate 220,000 tons of copper a year.
Japanese Sumitomo Metal Mining and Sumitomo Corporation own the rest of the mine with a 31.5% and 13.5% stake respectively.
Image courtesy of KGHM.