LONDON--Anglo-Swiss miner Xstrata PLC (XTA.LN) said Tuesday
Xstrata Copper's 1.47 billion dollar Antapaccay copper project in
southern Peru has started commissioning on time and within budget,
with first copper production scheduled for October.
MAIN FACTS:
-Total Mineral Resources have been increased by 27% to over 1
billion tons.
-Operation will initially produce an average of 160,000 tons of
copper in concentrate per annum, plus gold and silver by-product
credits, at first quartile cash costs.
-Ore will be processed in a new 70,000 tons per day concentrator
facility and concentrate will be transported to Matarani Port for
shipment to customers worldwide.
-Xstrata Copper has identified additional mineral resources in
the southern pit of the Antapaccay ore body that will add further
value to the project.
-Total mineral resources have increased by 27% to over 1 billion
tons at a grade of 0.49% copper using a cut-off grade of 0.15%
copper, including gold and silver by-product credits; this
represents a 15% increase in contained copper to 5 million
tons.
-Pre-feasibility studies are underway at the adjacent
Coroccohuayco deposit, nine kilometers from Tintaya-Antapaccay,
where we announced a Mineral Resource of 324 million tons at 0.93%
copper in December 2011.
-If developed, Coroccohuayco could augment Tintaya-Antapaccay's
production and mine life.
-Shares closed in London Monday at 883 pence valuing the company
at 26.51 billion pounds.
-Write to Ian Walker at ian.walker@dowjones.com
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