Altiplano Metals (TSXV: APN) announced that it has taken another step towards the development of the Farellón operation in Chile into a complex by relocating a recently acquired mill into a site situated 5 kilometres north of the mine.
In a press release, Altiplano said that it also acquired an adjoining, 9-hectare land package suitable for expanding the company’s processing capacity.
“With the relocation of the processing plant to our site, and with the submission of the permitting documents, we are now focused on the next steps of constructing and commissioning the plant upon receipt of final approval,” Alastair McIntyre, the Canadian firm’s CEO, said in the media brief. “The facility and additional land package will serve Altiplano’s growing mining operations and enable us to pursue regional toll milling opportunities.”
McIntyre also said that Altiplano is encouraged by the strong supply/demand fundamentals of the copper market which recently reached the $3.50/lb level.
“China’s fiscal and monetary stimulus and the prospects of new global demand from green energy initiatives are having a significant positive impact on prices,” the executive said. “Control over the process and product quality will optimize consistency, revenue and costs and provide an opportunity to leverage the strong copper and gold markets.”
Farellon is an iron-oxide copper-gold mineralized system located near the town of La Serena in northern Chile. The deposit is currently being developed and explored from an underground decline and drift system.
The underground development program at the mine has resulted in the extraction of more than 84,000 tonnes of mineralized Cu/Au material and recovered ~2.5 mm pounds of copper at grades of approximately 1.85% copper.
Altiplano is embarking on an expansion plan that includes a decline extension and examining the potential expansion of the underground workings at the adjacent Rosario vein system.