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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (35961)	4/23/2009 2:55:52 PM
From: LoneClone	Read Replies (1) \| Respond to of 194042

Former Bolivian president, ex-Codelco chief team up on Chile copper project miningweekly.com By: Liezel Hill 22nd April 2009 Updated 3 hours ago TORONTO (miningweekly.com) – Vancouver-based junior Apoquindo Minerals has agreed to sell as much as 75% of its namesake copper-oxide project in Chile to Minera SA, the firms announced on Tuesday. The deal brings together some big names: Apoquindo's chairperson is Juan Villarzú, who was CEO of the world's biggest copper-miner, Codelco, until 2006, while Minera's board is chaired by former Bolivian President Gonzalo Sánchez de Lozada. Minera will earn 50% of Apoquindo's mining assets in Chile by spending C$10,8-million within four years, and will have an option on another 15% by spending at least C$5-million to complete a feasibility study on the project. Minera can also earn another 10% (for a total of 75%) by directly financing or arranging financing for the joint venture (JV) through to the commencement of commercial production. The firms will create a JV called Antakena Mining to hold the Apoquindo assets. “Apoquindo's advanced-stage project in Chile will position Minera as a stronger, more diversified company in terms of geographies and commodities," said president and CEO Jim Komadina. Minera has also agreed to buy five-million units – each comprising one Apoquindo share and one-half of a share-purchase warrant – in a nonbrokered private placement, for C$2-million. Apoquindo will use the proceeds to fund exploration on its properties and for general working capital purposes. Once in operation, the Apoquindo copper project could produce between 10 000 t/y and 20 000 t/y of copper cathodes, the company estimates.