Freeport Indonesia to process 400,000t of copper concentrate at new smelter
Earlier this month, Freeport obtained an export permit for the rest of the year from the government.
World number four gold producer Goldcorp (NYSE:GG) announced on Wednesday it’s acquiring New Gold’s (NYSE:NGD) 4% gold stream on its El Morro project in Chile for $65 million in cash.
El Morro is part of a joint venture between Goldcorp and Teck Resources. The Vancouver-based companies merged the El Morro and Relincho deposits in 2015 to create NuevaUnion in the Atacama region of Chile. Goldcorp bought New Gold’s 30% share in El Morro for $90 million cash plus the stream at the same time the merger was announced.
The partners hope to complete a pre-feasiblity study on the giant project in the second half of this year. NuevaUnion is expected to cost around $3.5 billion to bring into production. Ore would be transported from the El Morro to a mill and concentrator facility at Relincho with an initial capacity of 90kt – 110kt a day.
NuevaUnion will have a 32-year lifespan and produce an average of 190kt copper and 315koz gold a year, over the first decade. NuevaUnion is located 4,000m above sea level and the operation, like many in Chile, will rely on desalinated water.
Comments
Steve
Not underground