Canada – KGHM Ajax Mining Inc., a subsidiary of Polish copper giant KGHM, estimates planned outlays on the development of copper, gold and silver mine of Kamloops in British Columbia in Canada, a JV with Abacus Mining, at USD 1.3 billion.
Mineral resources of the deposit, in this mine area are estimated to 512 million tons of ore. The company expects to mine new deposits of 50 thousand tons of copper and 100 thousand ounces of gold in the concentrate per year.
KGHM holds an 80% stake in the project and Abacus & Mining Exploration the remaining 20%. The mine construction will take at least 2,5 years while the mine life is estimated at 18 years.
KGHM now is Europe’s largest copper producer and the world’s larger producer of silver. Employs 18 thousand people and produces 560 thousand tons of copper per year. After the acquisition of Canadian company Quadra FNX Mining Ltd. for USD 2.8 billion at the end of 2011, Polish copper group also took over all the concessions of this company and started exploration and documenting works and mining as KGHM International Ltd.
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