BHP bets billions on Chile mines to face global copper crunch
BHP detailed to investors this week plans to spend $10.7 billion to $14.7 billion within about 10 years.
Following the downward trend caused by the covid-19 pandemic during the first months of the year, Altiplano Metals (TSXV: APN) issued a statement reporting on improved production results at the Farellon copper-gold mine in Chile.
According to Altiplano, during Q3-2020, over 9,600 tonnes of mineralized Cu/Au material were extracted at Farellon and 10,760 tonnes were processed at an average grade of approximately 2.0% Cu.
Q3 generated record revenues of approximately $830,000 which is a 73% increase from the previous quarter
“Total tonnes processed improved in Q3 representing a 54% increase from the previous quarter. Q3 generated record revenues of approximately $830,000 which is an increase on last quarter by 73%,” the miner said in a media release.
“In total, the company has now received approximately $4.9 million in revenue. At the end of September, the company had 300 tonnes in stockpiles at the Farellon site and an additional 1,400 tonnes in processing.”
In the miner’s view, these achievements are a result of management’s focus on operating on multiple underground working levels and development headings, which allowed for improved extraction efficiencies and grade control.
“Further development of the Hugo Decline is underway (in tandem with the operational levels) to extend the underground workings and access the 376 m and 370 m levels. This work will provide two additional development headings to access the NE – SW trending vein system at the 376 m working level and an additional two at the 370 m level,” the press brief states.
“These new access points will bring the total number of development headings to eight once fully operational.”
Farellon is an iron-oxide copper-gold mineralized system located near the town of La Serena in northern Chile. The deposit is currently being developed and explored from an underground decline and drift system.
