Teck: Antamina Unaffected by Fujimori Resignation

Peruvian President Alberto Fujimori's announced resignation will not affect the US$2.3bn Antamina copper-zinc project in northern Peru's Cajamarca department, Steven Dean, president of Vancouver-based Teck Corp (TSE: TEKa & b) told the international Mining 2000 conference in Melbourne. With a copper-equivalent grade of 1.8%, copper cash costs less than US$0.30/lb, total costs less than US$0.60/lb and its long life should ensure Antamina is profitable regardless of metal prices, he said. "It should be able to take advantage of the inevitable highs in the copper cycle through its life. We feel strongly that the timing of Antamina was right, and the probability of the mine starting up in a time of favorable commodity prices is high," Dean added. Teck owns 22.5% of Antamina, Toronto-based Rio Algom (TSE: ROM) and Toronto-based Noranda (TSE: NOR) 33.75% each and Japan's Mitsubishi 10%. Commercial production is expected to start early 2002 and ramp up to 295,000tpy copper, 240,000tpy zinc, plus 2,860tpy molybdenum and 7.5Mozpy silver as by-products in the first ten years. Life-of-mine average is 272,000tpy copper, 163,000tpy zinc, 2,590tpy molybdenum and 6.2Mozpy silver.