Business
Juanicipio Development Receives Joint Approval
Juanicipio Development Receives Joint Approval.
About this update from Fresnillo Plc
[{"type":"text","content":"\n \nRNS Number : 8740V Fresnillo PLC 11 April 2019 \n\n \n \n \n\n\n\n\nMAG Silver Corp.\nSuite 770\n800 W. Pender Street\nVancouver, BC, V6C 2V6\nwww.magsilver.com\n\n\nFresnillo plc\n21 Upper Brook Street\nLondon W1K 7PY\n United Kingdom\nwww.fresnilloplc.com\n\n\n\n\n \n \n \n \n11 April 2019\n \nJuanicipio Development Receives Joint Approval \n \nFresnillo plc and MAG Silver Corp. confirm that their silver / gold Juanicipio project, held through Minera Juanicipio, has received approval from their respective Boards as well as from the Minera Juanicipio shareholders. \n \nJuanicipio Project Highlights\n \n· Fresnillo plc will be the operator of Juanicipio and holds a 56% majority stake in the Joint Venture, with partner MAG Silver Corp. owning the remaining 44%. \n· Construction to begin immediately with completion expected late 2020, subject to finalizing detailed engineering and securing remaining permits. \n· Total average annual anticipated production of 11.7 moz silver, 43.5 koz gold, with an initial life of mine of 12 years. \n· Considerable further exploration opportunities in license area with potential to scale-up operations in future.\n· Estimated pre-operative capex of US$395m as of 1st January 2018, which does not reflect expenditures incurred since that date. \n· Juanicipio development expected to create approximately 2,750 jobs during construction and 1,720 jobs once at full production.\n \nThe Juanicipio site is located within the Fresnillo m...