Alumbrera, YMAD seal Bajo El Durazno development deal

Tuesday, September 30, 2014

Argentine mining firm Alumbrera signed an agreement with Yacimientos Mineros de Agua de Dionisio (YMAD) to develop the Bajo El Durazno copper-gold deposit, located in Catamarca province.

Initial investment in the project is US$60mn, a press release from the Catamarca government said.

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The agreement establishes a new entity jointly controlled by YMAD and Minera Alumbrera, local paper El Ancasti said. The deal establishes the use of Alumbrera's processing plants.

Bajo El Durazno is located close to the existing Alumbrera mine, and it is estimated that between 2015 and early 2016, some 60,000t of concentrate will be processed, producing 15,000t of copper and 100,000oz of gold, the release said.

Alumbrera is controlled by Glencore, with Goldcorp and Yamana Gold shareholders. YMAD is a public entity controlled by the local Catamarca government, Universidad Nacional de Tucumán and Argentina's federal government.

BNamericas will host its 2nd Mexico Mining Summit in Mexico City on October 1-2.