Antofagasta drops Magistral

Vancouver — A wholly owned subsidiary of London-based Antofagasta Plc has decided not to move forward with Inca Pacific’s (IP-V) Magistral copper project in north-central Peru.

Anaconda Peru elected not to exercise its right to increase its interest in the project from 51% to 65% by completing a bankable feasibility study. The company cites higher priority projects in Chile as reasons for the work stoppage. Anaconda intends to get an independent evaluation of its interest in Magistral. Inca Pacific maintains a 49% interest in the project and has a right of first offer on Anaconda’s 51% interest.

Lying 140 km northwest of the large Antamina polymetallic deposit, currently being mined jointly by Noranda (NOR-T), Rio Algom (ROM-T), Teck Cominco (TEK-T) and Japan-based Mitsubishi, Magistral holds an estimated mineral resource of 105 million tonnes grading 0.74% copper, 0.052% molybdenum and 3.9grams silver per tonne, using a cut-off grade of 0.5% copper. Mineralization is found disseminated in a quartz-monzonite intrusion, as well as in a skarn aureole. The property is underlain by a sequence of northwesterly striking, westerly dipping sedimentary and carbonate rocks of Jurassic-to-Cretaceous age.

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