- Write by:
-
Thursday, November 23, 2023 - 22:30:10
-
130 Visit
-
Print
Mining News Pro - Brazil’s mining giant Vale (NYSE: VALE) has announced that its Salobo mine has reached a capacity of 32 million tonnes per annum, following the successful completion of the throughput test for the first phase of the Salobo III expansion project.
The $1.1 billion expansion plan, launched in 2019, is set to increase the mine’s throughput capacity to 36 million tonnes per year by the final quarter of 2024.
“This achievement is a significant milestone under the Salobo streaming agreement with Wheaton Precious Metals,” Vale said in the statement.
Under the terms of the deal with Wheaton, Salobo will receive $370 million for completion of the first phase of the Salobo III expansion project.
The remaining balance of the expansion payment will be triggered once Vale expands actual throughput above 35 Mtpa for a period of 90 days.
In addition, Wheaton (TSX: WPM) (NYSE: WPM) will be required to make annual payments of between $5.1 million to US$8.5 million for a 10-year period should the Salobo complex continues to produce within certain copper grades.
At around 1,800km2, Carajás is Vale’s second largest land holding in a region known for iron oxide copper-gold deposits of which Salobo is the prime example. The mine, the largest copper deposit ever discovered in Brazil, is estimated to hold more than 1 billion tonnes of the red metal.
The operation expansion comes at a time when miners are scrambling to either acquire copper reserves or boost production amid forecasts that demand of the metal will outstrip primary supply within the next four years. The mismatch in supply and demand is likely to result in copper prices surging 20% by 2027, according to BloombergNEF analysts.
Short Link:
https://www.miningnews.ir/En/News/627685
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
Australia’s Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following ...
Chile is expected to produce a record 5.8 million metric tons of copper in 2025, the state-run Chilean Copper Commission ...
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
Interros, Nornickel’s largest shareholder, on Monday called allegations by fellow shareholder Rusal about undervalued ...
No comments have been posted yet ...