Vancouverite Petaquilla Minerals (TSX: PTQ) plans to pour the first gold at its Molejón gold project in Panama in July or August and reach full production in September or October, communications manager Tom Byrne told BNamericas.
Related content
Companies / Entities
Keywords
Gold/Silver Mining
Copper Mining
The first gold pour was originally planned for the end of the first quarter, however staffing issues and delays in getting equipment on site pushed the date back, Byrne explained, adding that those issues have been resolved.
Equipment has arrived on site, he said, while earlier this month Petaquilla reported it had hired a construction and production manager for the project.
Additionally, an updated resource estimate for Molejón will be published by the middle of April, Byrne said.
Molejón currently holds 447,879oz gold in measured resources, 161,379oz gold in indicated resources and 506,294oz gold in inferred resources. The mine is expected to initially produce 120,000oz gold annually, with estimated cash costs of below US$200/oz.
TECK'S DECISION ON PETAQUILLA COPPER PROJECT
Canadian miner Teck Cominco (TSX: TCK) has until the end of March to announce whether it will participate in the development of the US$3.5bn Petaquilla copper project in Panama.
The Petaquilla Copper concession is held by a 52:48 JV called Minera Petaquilla between Petaquilla Copper (TSX: PTC) and Inmet Mining (TSX: IMN).
Teck Cominco has the right to acquire from Petaquilla Copper a 26% interest in Minera Petaquilla by funding 52% of all development costs for the project through to commercial production.
"Teck is very interested in the project and they are trying to figure out how to stay in. They don't like the fact that they have to pay 52% to earn 26%, but they really like the project. So we're trying to figure that out with them," Byrne said.
"It is a real turning point for us, even if Teck doesn't come in."
