Peru Mining: Antapaccay Copper Project Index

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Peruvian Government and Xstrata Copper Sign Las Bambas Mining Project Transfer Contract

Project development calls for an investment of US$4.2 billion.
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Las Bambas Mining Project in Apurimac, Xstrata Copper - Video and News

Project development calls for an investment of US$4.2 billion.
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Antapaccay Project, Xstrata Tintaya Mine Expansion, Video and News

Mining Operations: Open Pit Mining.
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Xstrata Copper Mining: Antapaccay Project, Espinar, Cusco, Peru, Map and News

The Antapaccay deposit is located 9 kilometres from Xstrata Copper’s Tintaya mine.

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Las Bambas Mining Project, Xstrata, Interactive Mind Map

Interactive Mind Map based on Las Bambas Mining Project.

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Las Bambas Mining Project, Interactive Mind Map

Do you own Antares Minerals (ANM.v) yet?

The IKN Weekly subscribers do and they've been in the stock since $1.42. Here's a strong positive for the stock today, from Haquira neighbours Xstrata:

SYDNEY, Aug 03, 2010 (Dow Jones Commodities News via Comtex) --

Xstrata PLC (XTA.LN) has given the go-ahead for the development of the Las Bambas copper mine in Peru, with production expected from the second quarter of 2014.

The mine is tipped to produce 400,000 metric tons a year of copper in concentrate, alongside "significant" quantities of gold, silver and molybdenum, the company said in a statement.

Initial project spending would total US$4.2 billion, with construction expected to start in the third quarter of 2011 if regulatory approvals are granted, the company said.

Xstrata tips the mine's life at 18 years.

Charlie Sartain, Xstrata Copper chief executive, said the approval "reflects our confidence in Peru's longstanding fiscal and legal stability and is an important milestone in our strategy to progressively increase total annual copper production by 50% to almost 1.5 million tons by the end of 2014."

Everybody on the chorus!

Mining Operations: Xstrata, Interactive Mind Map and News

Interactive Mind Map based on Mining Operations of Xstrata website.

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Mining Operations: Xstrata - Index

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Welcome to South America, Xstrata Copper

Under the title "Xstrata Halts Spending on A$6.6Bn of Projects", the copper company via Bloomie makes it clear that it's not going to hang in Oz if that gov't insists on this weirdo 40% windfall tax on profits. Later we hear from a stuffed suit in London....

“Capital, rather than being spent in Australia, can be spent in the company’s operations in other countries,” Charles Kernot, an analyst at Evolution Securities Ltd. in London, said by phone today. “If it can accelerate development of other projects, that may help offset these delays.”

.....and for once your humble scribe agrees with a brokerage-bound anal yeast, because it doesn't take a rocket surgeon (or brain scientist for that matter) to work out that if Xstrata bails on spending down under next stop is the altogether finer region known as South America....just check out the company's roster of projects if you don't believe this humble corner of cyberspace. So for those who need further clues here's a tune dedicated to them crazy Swiss miners, to their followers and to....errr....owners of neighbour plays. DYODD, dude.

PS: whatever happened to Lou Diamond Phillips, anyway?

Recently spotted in Quito, Ecuador

Reuters today reported that Corriente (CTQ) is being "eyed up by global mining giants". The report mentions big world player Xstrata as well as Chilean state miner Codelco, and then also mentions Chinese player Tongling. There was nothing really new about the fact that CTQ itself is talking with all and various companies, but the solid news contained was that the Ecuadorean gov't (and not CTQ) has been approached and has talked to these three entities.

FWIW, I think it very unlikely that Codelco will step out of Chile and take an active role in a new mine in a different country as they have plenty of projects on their local plate already. On the other hand, Codelco is a welcome visitor in Ecuador and a long-standing partner to the Chinese metals industry; an advisory role is more probable. To hear Xstrata is sniffing around is interesting and logical, but the one you have to pay attention to is Tongling. For one thing, it doesn't really matter which Chinese company is the ostensible front, as all the recent Chinese purchases of LatAm mining projects have been funded by the state.

But hearing the word Tongling also ties in with the fact that Corriente head honcho Ken Shannon and other CTQ bigwigs were very recently spotted dining (well, lunching to be precise) in a high class Quito restaurant with a large party of Chinese guests. A good time was being had by all, and Shannon picked up the bill. I'm sure it can be filed under "essential investor relations expenses."

What with the recently leaked draft mining law hitting the streets and looking reasonably business friendly it might be time to take a position in CTQ stock, but the greater uncertainty of the copper market will probably need to wash through before anything concrete happens., I'd guess. But all the same, CTQ.to is now one for the list of possible buys.

Buen provecho Ken, and good luck with the investor roadshow in New York at the end of the month ;-)

Minera Andes News (unfortunately it's good again)

Why unfortunately? Because every time this company releases a positive PR the PPS seems to drop.

The resource estimate is out for Minera Andes' Los Azules property (linked right here) and the headline number is 11.2 billion Lbs contained copper. A very tasty number, and if the back-in agreement goes as planned, Minera will keep half of that and develop the mine with Xstrata.

However, looking a bit deeper into the numbers, there are more positive things to note. Let's concentrate on what I think is the the main one, namely the prescence of a potential starter pit deposit of higher grade copper that will allow any development a flying start revenues-wise. With 93MT at 0.97% copper, the assumed 100ktpd production facility (a 100,000tpd production facility is a requisit for Xstrata to earn its 50% project buyback), it would give Los Azules a ballpark potential production of 700m Lbs Cu for the first three years or so (well....year 2 and year 3 would get those numbers, as year one has also the commissioning rigmarole to go through). The quick'n'dirty ballpark mathematics works like this:

100,000tpd = 36.5MT per year
0.97% of that is copper = 354,050MT copper
90% Cu recovery = 318,645MT copper
converted into Lbs = 702.49M lbs copper
(as for the 93MT starter resource, that would get burned away in 2.54 years at fullspeed production)

So with a potential 2Bn lbs (or so) of copper to sell in the first three years, capital payback doesn't seem to be a problem (and that's putting it mildly).

Bottom line: let's see how MAI.to stock reacts to this news. In a world run by logic and common sense it should fly, but that's assuming an awful lot about this market.