Metminco (MNC), incorporated in Australia, is an Australian Securities Exchange (ASX) and London Alternative Investment Market (AIM) listed exploration and mining company. MNC has a portfolio of gold and copper exploration projects located in Colombia, Peru and Chile. Projects include potential near-term production assets on which feasibility study work has commenced as well as advanced exploration and early stage exploration.
Metminco’s strategy is to create a mining company that has a portfolio of assets encompassing exploration, development and production and through the advancement of Los Calatos in Peru and the acquisition of the Quinchia Gold Portfolio in Colombia marks a significant step towards achieving this objective.
Metminco’s primary focus is the Quinchia Gold Portfolio, which is located in Colombia’s Middle Cauca Belt, and has a NI 43-101 estimated Mineral Resource of 2.8 million ounces of gold and contains a number of gold deposits and significant exploration and development targets including Miraflores, Tesorito, Chuscal and Dosquebradas. The Portfolio was acquired at a very attractive valuation and Metminco is now advancing a feasibility study on the Miraflores Gold Project to be completed by the end of the first half 2017. The Scoping Study released late 2016 supports the view that the Project has excellent fundamentals and represents a near term production gold project.
The Company’s 49% interest in the Los Calatos copper molybdenum project, which is located in Southern Peru near three large operating copper-molybdenum mines, namely Cuajone, Toquepala and Cerro Verde remains a key focus for Metminco shareholders. The development prospects of the project have been significantly enhanced by the agreement with CD Capital Natural Resources Fund III LP to fund the completion of the Pre-feasibility and Feasibility Studies, and acquire up to 70% of equity in the project for an investment of up to US$45 million.
As per the Agreement with CD Capital, the Company will use its best endeavours to distribute at least 90% of its holding in Hampton Mining (a wholly owned subsidiary which will hold the group’s interest in the Los Calatos Project) to its shareholders.
In Chile, the Company has three projects, the most advanced of which are the Mollacas (copper leach) and Vallecillo (polymetallic) projects, both of which have mineral resources that have been reported in accordance with the JORC Code (2004 Edition). The remaining project, Loica is a large, early stage, copper-molybdenum porphyry project.