A positive feasibility study on the Minto copper-gold-silver project in the Yukon estimates yearly copper output at 27 million lb. at a cash cost of US57 cents per lb. net of gold and silver credits.
Owner Minto Explorations (VSE) is developing a 525,000-ton-per-year open-pit mine and mill, 150 miles northwest of Whitehorse.
Minable reserves are estimated at 7.2 million tons grading 2.13% copper, 0.015 oz. gold and 0.22 oz. silver per ton, with a 4.1-to-1 stripping ratio.
Yearly output during the first five years of operation is projected at 27 million lb. copper, 10,000 oz. gold and 160,000 oz. silver.
The capital cost of the operation is estimated at $29.8 million, based on a mining and milling cost of $21.24 per ton, an exchange rate of $1.35, a gold price of US$380 and a silver price of US$5.25.
Minto President Lutz Klingmann hopes to secure both a contract on the sale of concentrates from the mine, as well as project financing. He anticipates financing the project on a 50-50 split between debt and equity.
Construction is expected to start this summer.
Minto, which has 4.1 million shares outstanding on a fully diluted basis, is roughly one-third owned by each of Teck, Asarco and the public.
Teck, Falconbridge and Asarco also retain a 1.5% royalty on the property.
Be the first to comment on "Minto Explorations on fast track to production in the Yukon"