Sign up Canada
Proactive Investors - Run By Investors For Investors
Why invest in MNC?
Metminco: THE INVESTMENT CASE

Metminco's full attention switches to Colombia after Los Calatos sale

“We believe the planned development of the Miraflores gold mine will provide the backbone for transforming the company"
picture of gold and dollars
INVESTMENT OVERVIEW: MNC The Big Picture
Metminco is now a gold explorer in Colombia

Metminco Ltd (LON:MNC) has received payment of US$5mln for its 49% of the Los Calatos copper project in Peru.

The sale was flagged earlier in June with the proceeds to be used to move forward the Miraflores gold project in Colombia.

If it goes ahead, Miraflores is expected to produce 50,000oz gold annually over a nine-year mine life.

 

Next steps at Miraflores

Next steps at Miraflores will be the completion of a feasibility study and submission of the Environmental Impact Assessment (EIA).

The feasibility study is scheduled to be completed during the third quarter with the EIA to be lodged by the end of year.  

Progress as planned would see construction at Miraflores start during the second quarter next year with gold production from the first half of 2019.

A scoping study indicated average all-in sustaining cost of US$648/oz with pre-production capital estimated to be US$81mln.

Miraflores is part of the Quinchia Gold Portfolio, which also includes the potentially highly prospective gold porphyry prospects of Tesorito and Chuscal. 

 

Transformational backbone

William Howe, managing director, said: "The Los Calatos sale provides the company with the required funding to complete the Miraflores feasibility study and EIA, two significant milestones for the company.

“We believe the planned development of the Miraflores gold mine will provide the backbone for transforming the company into a significant gold producer. 

“Tesorito and Chuscal are known gold mineralised prospects that have the potential to considerably enhance gold production from the planned Miraflores plant.”

READ: Howe explains reasons for Los Calatos sale

 

View full MNC profile View Profile

Metminco Timeline

Related Articles

Asiamet
February 07 2018
Asiamet's house broker Optiva has doubled its price target to 19p
picture of gold and dollars
June 27 2017
“We believe the planned development of the Miraflores gold mine will provide the backbone for transforming the company"
Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use