Multi-Year Agreement to Supply Power to Aguas Blancas Signed
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--July 24, 1998--
Atacama Minerals Corp. (VSE:AAM. - news; the "Company") is pleased to announce that its wholly owned subsidiary, Atacama Minerals Chile, S.C.M., has concluded and signed a multi-year agreement with GasAtacama, a consortium of CMS Energy and Endesa, to supply power to the Company's Aguas Blancas project in northern Chile.
The contract provides for the construction of a power substation and electrical line connected to the SING (northern interconnected system) which is the main power grid in northern Chile. Under the agreement, up to 10 megawatts of power may be supplied to the mine and chemical plant to be constructed at Aguas Blancas.
The long term, renewable agreement provides for the full power needs of the Company and supplies the project's electricity requirements at competitive rates.
Atacama Minerals Corp. is developing a mine and related multi-product chemical plant in the Atacama Desert of northern Chile. At capacity, the facility will produce approximately 1,000 metric tons of iodine and 300,000 metric tons of sodium sulphate per year. Potassium nitrate production is scheduled to begin in 2006 at an annual rate of 70,000 metric tons.
On behalf of The Board,
Robert S. Cogliandro, President |
