Business
Antofagasta Joint Venture
Antofagasta Joint Venture.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n RNS Number : 3294B Ormonde Mining PLC 27 October 2009 \n27th October 2009\n\nOrmonde Mining plc\n\nOrmonde Signs Joint Venture with Antofagasta on La Zarza \n\nDUBLIN & LONDON: 27th October 2009 - Ormonde Mining plc (\"Ormonde\" or \"the Company\") is pleased to announce that it has signed an agreement with Antofagasta Minerals S. A. (\"Antofagasta\"), on an exploration joint venture on Ormonde's La Zarza ground holdings in the Huelva Province of southern Spain and work programmes will commence immediately. The key investment terms which have been agreed, as announced in Ormonde's press release of 13 July, are:\n\n\n\nAntofagasta will extend the previous exploration by Ormonde to cover the entire extent of the 3km long La Zarza massive sulphide deposit, to evaluate the potential for this major body to host much larger resources of copper mineralisation.\n\n\n\n\n\nAntofagasta has the right to earn a 51% interest in La Zarza over a three year period by spending US$7 million on these expanded exploration programmes and subsequent evaluation activities, with a minimum commitment of US$1 million in the first year.\n\n\n\n\n\nSubject to completion of the earn-in, Antofagasta will have the right to increase its interest in La Zarza to 75% by the completion of a feasibility study on a mining project that meets its investment criteria.\n\n\n\n\nAntofagasta is a wholly owned subsidiary of Antofagasta plc, with interests in mining, transportation and water distribution, which is listed on the London Stock Exchange and is a constituent of the FTSE-100 index. During 2009, its Chilean mining operations (comprising the Los Pelambres, El Tesoro and Michilla mines) are expected to produce approximately 447,000 tonnes of copper metal in concentrate and cathode and 7,200 tonnes of molybdenum in concentrate. Antofagasta is currently carrying out a brownfields mine expansion at Los Pelambres and is also developing the greenfields Esperanza project in ...