Engineering & Mining Journal

JUL 2019

Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr

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Page 13 of 67

REGIONAL NEWS - LATIN AMERICA 12 E&MJ • JULY 2019 First Copper Concentrate Ships From Cobre Panama The first copper concentrate from First Quantum's Cobre Panama project was loaded on to a ship at the Port of Punta Rincon in mid-June. The 31,200 tons of copper concentrate marks the beginning of copper exports from Panamanian lands, the company said. This is the second mile- stone for this project. The first was the start of milling, which began February 18. To date, the Cobre Panama project has attracted $6.3 billion of foreign direct in- vestment to Panama. The company said it believes this investment was made be- cause international financial institutions were satisfied with Panama's reputation as a reliable and stable destination. General Manager Tristan Pascall said he believes copper is the future and Pan- ama will contribute to world sustainability of the material. At the beginning of the operation, Co- bre Panama will employ approximately 4,200 employees. The project is expect- ed to produce between 140,000 tons and 175,000 tons of copper this year. It will ramp up to between 270,000 tons and 300,000 tons next year. Newmont Goldcorp Ramps Up Operations at Peñasquito Newmont Goldcorp reported it has safely ramped up operations at the Peñasquito mine in Mexico following the lifting of an illegal blockade and dialogue with the na- tional government. Concentrate shipments from the mine, as well as the delivery of supplies to the site, have resumed and workers are going through orientation ses- sions to ensure production begins in a safe and orderly manner, the company said. During the temporary suspension, which began on April 29, the mine per- formed maintenance on a variety of sys- tems and equipment. Newmont Goldcorp said it is commit- ted to good-faith dialog with the trucking company and the San Juan de Cedros community — one of 25 neighboring communities — to achieve a fair and en- during resolution to contract and water availability issues. The Peñasquito mine produced 272,000 ounces of gold in 2018 and di- rectly employs more than 6,000 people while supporting another 20,000 indirect jobs in the region. Peñasquito has en- hanced water availability to neighboring communities through a number of proj- ects including water treatment plants, new wells, pipelines and water trucks, the company added. Sandspring Looks for Toroparu to Produce 4.5M Oz of Gold Sandspring Resources has announced positive results from a preliminary eco- nomic assessment (PEA) of its Toroparu gold project in the Mazaruni-Cuyuni dis- trict of northwest Guyana. The conclu- sions and results of the study update and replace a 2013 prefeasibility study. The Toroparu project has been re- scoped to include the Sona Hill satellite deposit and modification of the project's processing strategy to start with gold-only production from a carbon-in-leach (CIL) circuit for the initial 10 years, followed by an expansion in year 11 to add flotation processing capacity. Key aspects of the PEA include total production of 4.5 million ounces (oz) of gold over a 24-year mine life. Production during the initial 10 years would total 1.5 million oz in gold doré bars, followed by 14 years of operations that would produce 2.2 million oz in doré bars and 876,000 oz of gold in concentrate. Preproduction capex to develop the Toroparu project is estimated at $378 mil- lion. Payback is estimated at 2.9 years. The $232 million phase 2 expansion would be financed from internal cash flow. During phase 1, gold and by-product silver would be produced by processing through an 11,500-mt/d carbon-in-leach circuit fed at mill head grades ranging from 1.67 g/mt to 1.2 g/mt gold. During phase 2, processing throughput would in - crease to 23,000 mt/d based on introduc- tion of an 11,500-mt/d flotation circuit. In addition to life-of-mine production of 4.5 million oz of gold, Toroparu production would include 4.46 million oz of silver and 124.7 million lb of copper as by-products. Mining will be based on conventional open-pit methods from three pits: Toropa- ru, SE Zone (1.2 km southeast of Toropa- The first ship laden with copper ore from Cobre Panama passes through the Panama Canal with the words 'Copper is the Future' emblazoned on it. (Continued on p. 18)

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