- Write by:
-
Wednesday, August 26, 2020 - 8:37:37 PM
-
672 Visit
-
Print
Mining News Pro - Hudbay Minerals is now the majority owner and operator of the Talbot project in Manitoba, having exercised its right to buy back a 2% interest in the property from Canadian mining junior Rockcliff Metals.
As consideration for the buy-back, Hudbay has made a C$725,892 (about $550,000) cash payment to Rockcliff, and it now owns 51% of the project with Rockcliff holding the remaining 49%.
Once Hudbay takes the project into production, Rockcliff will retain a 35% carried interest in the project through life-of-mine, provided that Rockcliff contributes its pro-rata share of pre-construction capital.
The Talbot property is a gold-rich copper asset hosting indicated mineral resource of 2.2 million tonnes at 2.3% Cu, 2.1 g/t Au, 1.8% Zn, 36 g/t Ag and inferred mineral resource of 2.4 million tonnes at 1.1% Cu, 1.9 g/t Au, 1.7% Zn, 25.8 g/t Ag.
Rockcliff, a major landholder in the Flin Flon-Snow Lake greenstone belt of central Manitoba, has been developing the Talbot deposit over the past six years.
Compared to 30 mines that have gone into production in the area, Talbot holds the fourth-largest initial resource prior to production, after the past-producing Flin Flon mine and the Lalor and 777 mines.
Shares of Hudbay Minerals were down 1.8% by 1:20 p.m. EDT on the TSX, giving the Toronto-based miner a market capitalization of C$1.37 billion.
Meanwhile, Rockcliff Metals’ stock plunged 12.5%, capping the company’s value at C$32.27 million.
Short Link:
https://www.miningnews.ir/En/News/590852
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably ...
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
Peru’s copper production came in essentially flat for March at about 219,000 metric tons, government data showed on ...
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
No comments have been posted yet ...