Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Sandspring Resources Ltd. (TSX-V:SSP) came out Tuesday with positive results from a preliminary economic assessment (PEA) on the Toroparu gold project in Guyana.
Key highlights of the report include: 4.5moz of production, with 3.64 moz produced in doré bars, over a 24-year mine life – up from 3.7moz from the prefeasibility study (PFS) released in 2013. The measured and indicated resource has also been upgraded to 7.53moz from 6.9moz.
The Toroparu project, located in the upper Puruni River region and within Sandspring’s 41,250-hectare mineral concessions in western Guyana, contains one of the largest in-situ gold reserves and resources owned by an independent junior mining company in South America.
Sandspring currently has a streaming agreement with Wheaton Precious Metals International, whereby Wheaton will buy 10% of the payable gold and silver produced at Toroparu.
