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Capstone, owner of 70% of the Santo Domingo mining company, announced that it has launched a strategic development process with several variants.
This is one of the largest mining projects in the Atacama region. Yesterday, Capstone Canadians announced positive results from the update of Santo Domingo, a copper, iron ore and gold deposit that they have been studying for years.
The company, which owns 70% of the mining company – the remaining 30% being owned by the Korean company Kores – has announced that a strategic process will explore several solutions to develop it, including the sale of the company. part of the project.
"The Report The technician updates the economic data of the project, which benefits from considerably reduced energy costs and several technical changes, including the use of desalinated water instead of seawater. report also includes adding cobalt to mineral resources, "the company in Canada reported.
Darren Pylot, President and CEO of Capstone, said in a statement that "there is a dearth of large-scale and high-quality projects in the copper sector and that the completion our updated technical report is timely. " Capstone, with support from Kores, is in the process of launching a strategic process for Santo Domingo that will evaluate alternatives related to project ownership. transmission possibilities, as the gold reserve and the cobalt resource contribute to project funding. "
Despite an environmental permit issued since 2015, the development of Santo Domingo has been slowed down due to the volatility of the price of copper.
" We are progressing in the field of engineering and have received three of the five long lead building permits, the rest to be received by 2019. We hope that Santo Domingo be ready for construction by the beginning of 2020, "said the company.
New investments in the region
In the government, they were quick to react to this news. Juan Obach, from the Office of Sustainable Project Management at the Ministry of Economy, welcomed the announcement of its effects on employment in the region, estimated at 1 500 people for construction and 1 000 for the operation.
reactivate the project? In his opinion, a combination of internal and external factors. As for the latter, the price of copper has hovered around 3 US dollars per pound, but the change, he said, has been made at the national level, where signals have been sent by the government for reactivate investment, as was the case before. creation of the office that manages.
"We find that investors are regaining confidence in our economy," he said.
He added that the Santo Domingo Project – a project they have been monitoring since taking office – is not the only one. Report and highlight the steps taken by Nueva Unión – an initiative worth US $ 7,000 million – to make its project a reality, given that it will soon begin to apply for permits environmental and Mantoverde expansion for an amount of nearly 800 million US dollars.
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