BASE METALS

Cordoba issues 22,000tpd San Matias copper PFS

Cordoba Minerals has published a pre-feasibility study (PFS) for the Alacran copper-gold-silver deposit within its San Matias project in Cordoba, Colombia for a 22,000 tonnes per day open pit mining operation, with average annual production of 31,200 tonnes copper, 55,000 ounces gold and 386,000oz silver over a 13-year mine life following an initial capital expenditure of US$434.9 million.

Paul Harris in Medellin, Colombia
 Pit shell for Cordoba Minerals' Alacran PFS in Cordoba, Colombia

Pit shell for Cordoba Minerals' Alacran PFS in Cordoba, Colombia

Total recovered production would be 385,200t copper, 700,000oz gold and 4.7Moz silver, with metallurgical recoveries averaging 92.5% copper, 78.1% gold, and 62.9% silver in copper and precious metals concentrates. The copper concentrate is expected to contain very low contents of deleterious elements, such as arsenic and lead.

The C1 cash cost would average $2.59 per pound before credits and $1.18/lb net of precious metals by-product credits.

The project would yield an after-tax net present value of $415.1 million at an 8% discount rate and an internal rate of return of 25.4%, and a 2.9-year payback at a $3.60/lb copper price assumption. At spot prices, these increase to $650.7 million and 32.7%.

"Having started the PFS in December 2019, we had to contend with severe national and international lockdowns, travel disruptions and the obligation to meet the Mining Technical Work Plan (PTO) submission deadline which meant a very limited window to collect PFS data. As a result, we had to focus on the Alacran deposit only," said Cordoba Minerals president and CEO Sarah Armstrong.

Alacran has a probable reserve of 102.1 million tonnes grading 0.41% copper, 0.26 grams per tonne gold and 2.30g/t silver. The PFS does not include the satellite deposits at Montiel East, Montiel West and Costa Azul. Cordoba said infill drilling at Alacran and the inclusion of satellite deposits has the potential to potentially extend the mine life.

Shares in Cordoba Minerals climbed 7% to C56c, valuing the company at $50 million.

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