Denver — Through its wholly owned subsidiary Minera San Cristobal, Apex Silver Mines (SIL-X) has received its environmental site permit for the San Cristobal silver-zinc project in Bolivia.
The permit was issued by the Bolivian Ministry of Sustainable Development and Planning. It gives mining approval and sets out operating standards. It also brings Apex a step closer to financing the US$430-million open-pit project.
At 40,000 tonnes per day, San Cristobal should produce 27 million oz. silver and 570 million lbs. zinc annually from concentrates in the first five years of operation.
Reserves stand at 240 million tonnes averaging 62 grams silver, 1.67% zinc and 0.58% lead per tonne, making San Cristobal one of the world’s largest silver-and-zinc deposits.
The company has completed pre-development work at the project and awaits financing. To conserve cash, it plans to reduce expenditures to only several million dollars per year. As of the end of March, Apex had US$54.4 million.
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