KGHM To Complete Canadian Project Feasibility Study By Dec '11
05 Mayo 2010 - 3:32AM
Noticias Dow Jones
Polish copper miner KGHM Polska Miedz (KGH.WA) will complete a
feasibility study of its copper and gold field project in western
Canada by December 2011, the company said Wednesday.
After that, KGHM will decide whether to execute its option of
buying a further 29% in the joint venture with Canada's Abacus
Mining & Exploration Corp. (AME.V).
Both companies signed an agreement Tuesday, in which KGHM will
pay $37 million for 51% of the joint venture. Abacus will
contribute its rights to the Afton Ajax field, located in the
Canadian province of British Columbia, into the business.
KGHM has the option to buy a further 29% in the joint venture
for up to $35 million and, if it exercises the option, it will be
required to organize financing of $535 million for the joint
venture's investment in the field.
According to estimates, the Afton Ajax field can produce 50,000
metric tons of copper and 100,000 troy ounces of gold a year. The
field is expected to produce for 23 years starting in 2013, KGHM
said.
-By Malgorzata Halaba, Dow Jones Newswires; +4822 447-2432;
malgorzata.halaba@dowjones.com
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