MANILA, Philippines - United Kingdom-based miner Copper Development Corp. (CDC) is looking for a buyer or partner for its Hinoba-an copper project in Negros Occidental, following the completion of a report indicating the potential of the project.
In a statement, CDC said a comprehensive technical report (CTR) prepared by mining project development services provider AMEC Minproc Limited on the Hinoba-an copper mine has been completed.
“The CTR was commissioned in order to provide prospective buyers or joint venture partners with the technical information required to evaluate the Hinoba-an project,” CDC said.
CDC holds a 92.5-percent interest in the Hinoba-an project.
The miner is looking for buyers or partners for the Hinoba-an project as it intends to focus on the Basay copper project located in Negros Oriental, following excellent drilling results.
Citing the CTR, CDC said the Hinoba-an project which will be using the open pit mining method, is expected to produce approximately 47,665 tons of copper per year at an expected mine life of 15.4 years.
The Hinoba-an project which hosts two deposits, the CDC said, has an estimated gross Joint Ore Reserves Committee (JORC) compliant mineral resource of 319.3 million tons at 0.35 percent copper.
CDC said an updated JORC compliant mineral resource for the project will be announced next month.
The JORC Code provides a minimum standard for reporting of exploration results.
Under the JORC Code, mineral resource refers to resources considered to have reasonable prospects for economic extraction.
CDC estimates the initial capital cost needed for the Hinoba-an project at $480 million.
It also said the average operating cost per pound of payable copper are forecast at $1.57 for the life of the mine, and to average $1.39 for the first five years of operation.
CDC executive chairman Mitch Alland said investors will be enticed to invest in the project, since it is financially attractive at a $3 per pound copper price.
The location of the mine, he said, should also make it attractive for investors.