Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Despite a major power outage in February and some freezing of mill infrastructure, the Red Chris mine had first quarter 2021 production of 15.9 million lb. of copper and 15,800 oz. of gold. In Q4 2020, the mine produced 17.2 million lb. of copper and 16,251 oz. of gold.
The Red Chris mine near Iskut, BC, is a joint venture of Imperial Metals (TSX: III; OTC Pink: IPMLF) Newcrest Mining (TSX: NCM; OTC Pink: NCMGF; ASX: NSM). They hold 30% and 70%, respectively.
A pre-feasibility study is being prepared for development of a block caving mine at Red Chris. It is due for release in September 2021. On March 31, 2021, Newcrest reported total resources of 980 million measured and indicated tonnes at 0.38% copper and 0.41 g/t gold. The inferred resource was 190 million tonnes averaging 0.30% copper and 0.57 g/t gold.
The construction of the portal and surface infrastructure for an exploration decline into the East zone is progressing well, Imperial reported. About 50,000 metres of growth-related drilling is planned this year.
(This article first appeared in the Canadian Mining Journal)
