PetroChina to start metals trading, eyeing energy transition
In addition to lithium and copper, the new PetroChina unit may also look to trade nickel.
Orvana Minerals Corp. (TSX:ORV) (“Orvana”) is pleased to announce the commissioning of its El Valle-Boinás/Carlés (“EVBC”) gold-copper mine in northern Spain by Kinbauri España S.L.U. (“Kinbauri”), a wholly owned subsidiary of Orvana. EVBC initiated the start-up and commissioning of the mill May 31, 2011, with the first shipment expected in June.
EVBC will initially produce at 70% capacity, increasing to its full annual target production levels of over 100,000 ounces gold, 3,900 tonnes copper and over 150,000 ounces of silver once the shaft is completed in early 2012. Currently over 75,000 tonnes of ore are stockpiled, sufficient for about two months of production. Initial mine production from both Carlés and El Valle-Boinás will be largely in lower grade skarn-type ore and lesser amounts in higher grade oxidized ore zones. Consequently during the initial production stages, head grades will be lower than in the future.
Construction of the new shaft is progressing well. Currently, about 95 metres of the shaft has been reamed to a 5.5 metre diameter. Construction of the shaft surface facilities will start in August 2011. The shaft is expected to be completed by the end of the second fiscal quarter of 2012 ending March 31, 2012.
While all permits have been obtained, during the plant start-up and commissioning stages over the next few weeks the final inspection authorization by governmental authorities will be completed. As part of this final inspection, Kinbauri may be required to post an additional environmental bond.
“We are very pleased to have begun commissioning of the EVBC mine and plant. This operation is providing over 250 direct jobs as well as many indirect positions. We expect the mine life to extend well beyond the currently planned seven years and to contribute significantly to the economy of the region. We would like to thank the local and regional authorities for supporting this project”, said Agne Ahlenius, Director General of Kinbauri.
Read the full news release here. Image of El Valle plant thickeners from Orvana Minerals.
