NTO had a little action today.. This is probably the reason why.. Big job ahead of them, but great deposit... :)
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Northern Orion to start work on Argentine mine in '08
Thu Oct 4, 2007 3:30pm EDT
BUENOS AIRES, Oct 4 (Reuters) - Canada's Northern Orion Resources Inc could begin construction of a copper and gold mine next year in northeastern Argentina with an investment of $2 billion, the company's president said on Thursday.
The Agua Rica mine in the province of Catamarca is seen capable of producing an average of 135,000 tonnes of copper, 125,000 ounces of gold and 7,200 tonnes of molybdenum over an estimated 23-year life span, according to calculations by Northern Orion (NNO.TO: Quote, Profile, Research).
"If things go according to the information that we've been given from the province, we should be able ... to start construction by the middle of next year," Chief Executive David Cohen told Reuters.
Agua Rica lies close to another large copper and gold mine in Argentina, Bajo de la Alumbrera, some 750 miles (1,200 km) northwest of Buenos Aires.
Northern Orion holds a 12.5 percent stake in Alumbrera, which is controlled by Swiss-based Xstrata Plc (XTA.L: Quote, Profile, Research).
Over the past two months, Yamana Gold (YRI.TO: Quote, Profile, Research) has begun a takeover bid of Northern Orion and Meridian Gold (MNG.TO: Quote, Profile, Research).
"Obviously (the Agua Rica project) is something that Yamana is going to have to review and come to their own conclusions, but at this point we haven't heard anything that would suggest it's going to change," said Cohen.
Argentina has seen an increase in mining investment and exports in recent years after the devaluation of the local currency in 2002, which tripled the value of exports measured in pesos.
Analysts say more than 80 percent of the country remains unexplored for potential mining sites.
reuters.com |
