Showing posts with label Government. Show all posts
Showing posts with label Government. Show all posts

Friday, May 1, 2015

Minera IRL receives approval to build gold mine Ollachea


Minera IRL Limited is the TSX, AIM and BVL (TSX:IRL)(AIM:MIRL)(BVLAC:MIRL), Lima listed holding company of precious metals mining and exploration companies focused in Latin America. Minera IRL is led by an experienced senior management team with extensive industry experience, particularly in operating in South America. The Group operates the Corihuarmi Gold Mine and the emerging Ollachea Gold Project in Peru as well as the Don Nicolas Project in Argentina.

Peru approved the construction IRL gold gold mine Ollachea, giving the last authorization required for the start of the project in which it plans to invest about 180 million dollars, said Monday that focuses mining production in Latin America.

The mine, located in the southern region of Puno in Peru, the sixth largest producer of gold-, would produce between 100,000 and 115,000 ounces of gold annually in the first years of operation, the company said.

The building permit from the Peruvian Government will let you start the project, "which will be implemented after obtaining the necessary financing for the second quarter of 2015," IRL said in a statement.

According to the latest data from the company, the Ollachea mine has probable reserves of 9.2 million tonnes grading 3.4 grams of gold per tonne of material.
The mine is scheduled to produce 930,000 ounces during the first nine years of life, an average operating cost of about $ 507 per ounce of gold produced, the company said.

The right of use of the site is for 30 years.

The IRL mining, which is listed on the Lima, London and Toronto, operates the small Corihuarmi mine in southern Peru and takes the gold plan folder Don Nicolas in Argentina.



The mine, located in Puno, would produce between 100,000 and 115,000 ounces of gold annually in the first years of operation, the company said.


Thursday, February 23, 2012

Local communities seek to modify investment agreement with Xstrata at Antapaccay

Communities surrounding Xstrata Copper's US$1.47bn Antapaccay expansion to the Tintaya operation in Peru's Cuzco region are seeking to modify a social investment agreement previously signed with the company, mining consultant Leopoldo Monzón told BNamericas.
The Antapaccay deposit is located 9km from Tintaya.

Under the original voluntary agreement signed with Espinar province authorities, Xstrata agreed to invest 3% of net profits every year in infrastructure projects in the area.
The fund was to be managed by Xstrata and supervised by community representatives.
However, now residents want to manage the fund - which would be around US$20mn-30mn/y - themselves, according to Monzón.

"In my opinion, there should be a mixed group including company and community [representatives] with the intervention of an investment fund to use the money wisely and carry out development plans in all of the provinces in the area of influence," Monzón said.

Under the voluntary agreement, local residents from Espinar province must make up 70% of the workforce at the Antapaccay operation. "I think that this is an excellent idea as long as it is accompanied by training courses for workers that meet the minimum conditions to work in mining," Monzón said.

Construction at Antapaccay started in October 2010 and it will be ready for production by end-2013. The brownfield expansion to the Tintaya operation will produce an average of 160,000t/y for at least the first five years and 143,000t/y over the current estimated mine life of 22 years.
Xstrata Copper is the red metal division of Anglo-Swiss mining group Xstrata (LSE: XTA).