VMS deposits are some of the world’s most prosperous base metal and precious metal deposits. This type of deposit is found across the globe, and often forms in clusters. The oldest known VMS deposits date back three billion years, and new ones are still being formed. VMS deposits have impressive mineralization and high grades, but only 2.2 percent of global gold production and 6 percent of copper production currently come from VMS deposits.
Atico Mining (TSXV:ATY,OTC:ATCMF), operating in Colombia and Ecuador, has two VMS-style projects surrounded by large land packages. Such strategic positioning gives Atico the potential to mimic successes seen with the Fortuna Silver Mines (TSX:FVI,NYSE:FSM), a company with an estimated market cap of US$2 billion, and was founded by the team currently leading Atico.
“We have a very strong production profile along with a pipeline of growth prospects for a small company. And we generate a robust free cash flow from which we can finance all of our exploration plans,” commented Igor Dutina, the company’s corporate development lead.
The stable mining jurisdictions of Latin America have proven to be a premier place for acquisition and mining development for Atico. The company is also looking at avenues of growth in the possible acquisition of a third project.
The company’s flagship El Roble mine has proven to be an extremely valuable asset. The gold-copper mine generates roughly 21 million lbs of copper and 11,000 oz of gold per year, with a life-of-mine of about four years. This VMS asset primes the company to become a mid-tier producer.
El Roble Mine’s total production for three months ended September 30, 2022 totaling 3.75 million lbs of copper and 2,724 oz of gold in concentrates, a decrease of 15 percent for copper and an increase of 8 percent for gold over the same period in 2021. A regional drill campaign at the El Roble Mine project is currently underway.
The company’s second asset, its 100-percent own La Plata project in Ecuador, is a pre-development-stage asset with a mineralized profile containing high-grade gold, copper, zinc and silver. Past exploration campaigns and a completed PEA have also aided in advancing this highly prospective asset. In 2023, Atico Mining received approval for the Environmental Impact Assessment (EIA) for the construction, operation, maintenance and closure of the 69 kV powerline and substation
Atico Mining has a world-class team of mine developers and mine operators, with several generations of mining experience in Latin America and extensive expertise in the industry and regional networking sectors.
The land package, which is located in Carmen de Atrato, also leverages a strategically positioned infrastructure with proximity to paved roads, a power grid and established mine and plant facilities on site. As of January 2021, the company owns 90 percent of the operating mine and surrounding claims.
Future plans for the project include a continued focus on drilling into recently discovered resources and mineralization exploration along the strike’s depth. With the impressive cluster profile of VMS deposits, El Roble has the potential to generate significant cash flow and shareholder returns for the company as production progresses. The current available free cash flow stands at approximately US$11.2 million.
This Noranda/Kuroko-type VMS deposit hosts nine priority exploration targets over a land package that spans 2,300 hectares near Quito, Ecuador. Surrounded by large Atico-controlled land packages, the property operates in an investor-friendly jurisdiction with governmental mining support. It hosts an infrastructure with high road accessibility and good natural resource networks.
This pre-development asset hosts the characteristic VMS cluster profiling which reinforces the prospect of further nearby deposits and significant exploration potential. Currently, La Plata has prospective resources of 1.9 million tonnes at 12.9 g/t gold equivalent mineralization. Historic resources based on past drilling campaigns are estimated at 913,977 tonnes graded at 8.01 g/t gold and 5.01 percent copper. High-grade silver, lead and zinc have also been found along the more than nine kilometers of favorable strike geology on the property.
Atico Mining has been quick to begin exploring and developing this exciting project after its acquisition in late 2019. The company intends to complete a full feasibility study for the project and to prepare the asset for the initial development of prospective targets.
Fernando E. Ganoza has over 15 years of management experience in Latin America, including key roles in developing mines in Peru and Mexico as the project manager and country manager for Canada-based producer Fortuna Silver Mines Inc.
He has strategic planning and business development experience with Cargill, at which he participated in the valuation and structuring of deals with a cumulative value of over US$350 million. Ganoza holds a BSc. in Mining Engineering from the Universidad de Antofagasta in Chile and an MBA from the Darden School of Business at the University of Virginia.
Luis D. Ganoza has held the position of CFO in Fortuna Silver Mines Inc. since 2006 and has over 12 years of experience in the financial management of public mining companies. He has participated in debt and equity financings for mining projects in Peru and Mexico for over C$120 million. Luis has a B.Sc. in Mining Engineering from the Universidad Nacional de Ingenieria in Peru; an MBA from ESAN, a Tier 1 Latin American Business School; and an MSc. in Accounting and Finance from The London School of Economics.
Jorge Ganoza has over 40 years of experience in the Latin American mining industry, holding senior leading roles in the founding and development of private and public mining companies.
For the past six years, he has held the position of VP of Operation in Fortuna Silver Mines Inc. Jorge has a BSc. in Engineering from the Universidad Nacional La Molina and also completed advanced finance studies at the Escuela Superior de Administration, ESAN, in Peru. Ganoza is a third-generation miner from a Peruvian family that has owned and operated underground gold, silver and base metal mines in Peru and Panama.
Alain Bureau has over 25 years of leadership in project management, operating in North and Latin American countries gained through notable projects including mines in Peru, Chile, Mexico, Panama and Canada.
Joseph A. Salas has 20 years of experience in exploration, mine geology, project evaluation and development with vast expertise in gold-copper and copper-molybdenum porphyries in Colombia and Peru.
For the past three years, he has held the position of exploration country manager in Colombia for Barrick Gold Corporation. From 1996 to 2002, he worked in various exploration positions of increasing responsibility for Anglo American. Joseph has a B Sc. in Geological Engineering from the Universidad Nacional de San Agustín de Arequipa in Peru and is affiliated with the Society of Economic Geologists Inc.
Matias Herrero is a Canadian chartered accountant, with 15 years of progressive senior level experience as a mining professional in various areas including finance, mergers and acquisitions, international arbitration, treasury management, risk management, regulatory compliance, and multi-jurisdictional public company reporting. Prior to joining Atico, Herrero served as the CFO before becoming the CEO of Gold Springs Resource Corp. Prior to that, he served as the CFO of a gold producer in South America.
He began his career with PricewaterhouseCoopers and gained experience working in senior management roles in publicly-traded companies with gold projects in North America, South America, and Africa. Mr. Herrero earned a bachelor’s degree in accounting from the University of Belgrano in Buenos Aires, Argentina, he is fluent in English and Spanish and holds a CPA in both Colorado and Washington.
Igor Dutina has an extensive background in financial and capital market analysis, with more than 12 years of experience in the mineral exploration and mining industry, working with several publicly listed companies.
(In United States dollars, except where noted otherwise)
First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM) today announced that it intends to issue a notice of redemption on March 17, 2023 for its $400 million outstanding 6.500% Senior Notes due March 2024 (Rule 144A: ISIN US335934AP02; CUSIP 335934AP0; Reg S: ISIN USC3535CAH19; CUSIP C3535CAH1) (the "2024 Notes") to be redeemed on March 28, 2023.
As will be specified in the notice of redemption relating to the redemption of the 2024 Notes, the outstanding 2024 Notes to be redeemed will be redeemed in full at a redemption price of 100.000% of the principal amount thereof, plus accrued and unpaid interest.
The information in this announcement does not constitute a notice of redemption of the 2024 Notes, or an offer (or a solicitation of an offer) to purchase or to sell the 2024 Notes or any other securities.
The Depositary Trust Company ("DTC") shall inform its participants in accordance with its own rules and procedures. DTC's participants may act as custodians/intermediaries for Noteholders who will distribute the notice to their clients in accordance with their own service level agreements.
For further information, the Noteholders should contact DTC or alternatively their service provider (i.e. custodian) who in turn should follow up with DTC for more information.
For further information, visit our website at www.first-quantum.com or contact:
Bonita To, Director, Investor Relations
(416) 361-6400 Toll-free: 1 (888) 688-6577
E-Mail: info@fqml.com
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information under applicable Canadian securities legislation. Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievements of the Company to be materially different from any future results, financial condition, performance or achievements expressed or implied by such forward-looking statements or information. Such factors may include, among others, those factors disclosed in the Company's documents filed from time to time with the Alberta, British Columbia, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Ontario Securities Commissions, the Autorité des marchés financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.
PROHIBITION OF SALES TO EEA OR UK RETAIL INVESTORS
The securities referred to herein are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU ("MiFID II") or (ii) a customer within the meaning of Directive 2016/97/EU, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II or (iii) not a Qualified Investor. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling such securities or otherwise making them available to retail investors in the EEA or the UK has been prepared and therefore offering or selling such securities or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the PRIIPS Regulation.
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Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") today announced Teck Trail Operations has committed to the Zinc Mark. The Zinc Mark is part of the Copper Mark's multi-metals approach using the Copper Mark assurance framework, a framework which aims to promote responsible production practices and demonstrate the industry commitment to the United Nations Sustainable Development Goals.
"Zinc has a critical role to play in the transition to a low-carbon economy. It is used for renewable energy storage and galvanizes the steel needed in everything from transit lines to wind turbines, making clean infrastructure last longer – and therefore more sustainable," said Jonathan Price, CEO of Teck. "Participating in the Zinc Mark is part of our ongoing work to ensure responsible zinc production for our customers and local communities."
Executive Director of the Copper Mark, Michèle Brülhart said: "We're delighted that our long-term partner Teck has committed their Teck Trail Operations to participate in the implementation of the Zinc Mark. Teck Trail Operations' participation following their Highland Valley Copper Operation's participation in the Copper Mark demonstrates the close linkages between the different metals covered by the Copper Mark and the efficiencies that can be provided using a single assurance framework."
Andrew Green, Executive Director International Zinc Association (IZA) said, "IZA is proud to see the Zinc Mark entering the market. With the Zinc Mark, a full ESG assurance framework becomes available for all Zinc producers around the world to demonstrate their commitment to responsible zinc production and the United Nation's Sustainable Development Goals."
Teck is one of the world's largest producers of mined zinc, and Teck Trail Operations is one of the world's largest fully integrated zinc and lead smelting and refining facilities.
To achieve the Zinc Mark, Teck's Trail Operations has been assessed and independently verified against 32 responsible production criteria this year.
This commitment by Trail Operations follows Teck's Highland Valley Copper Operations achieving Canada's First Copper Mark Verification in 2022 .
About the Copper Mark
The Copper Mark is an assurance framework to promote responsible practices and demonstrate the transition minerals industry's contribution to the United Nations Sustainable Development Goals. The Copper Mark uses a rigorous site-level assessment process to independently verify whether individual copper, nickel, zinc and/or molybdenum producing sites have responsible production practices. Over 20% of globally mined copper is currently produced by Copper Mark-assured sites.
The Copper Mark was built on a genuine commitment of the copper industry to responsible production, and the framework has since expanded to allow participation by nickel, zinc and molybdenum producers. The Copper Mark framework involves a robust three-year re-evaluation process at site-level for participants. Participants commit to continual improvement, building the management systems necessary to ensure ongoing legal compliance.
The Copper Mark multi-metals approach includes the Zinc Mark as well as Molybdenum Mark and Nickel Marks. Producers of these metals are able to use the Copper Mark assurance framework to achieve their respective "Mark".
Click here for more information.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information as defined in the Securities Act (Ontario). The forward-looking statements relate to our expectations with respect to achieving Zinc Mark certification at Trail Operations and with respect to responsible zinc production.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this press release are based on assumptions regarding commodity prices, general economic conditions and the performance of our business, our ability to achieve our sustainability goals and Zinc Mark certification. The foregoing list of assumptions is not exhaustive. Factors that may cause actual results to vary include, but are not limited to, changes in commodity prices or general economic conditions, actual climate-change consequences, adequate technology not being available on adequate terms, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and changes in laws and governmental regulations or enforcement thereof that impact our operations or strategy. We assume no obligation to update forward-looking statements except as required under securities laws.
Further information concerning risks and uncertainties associated with these forward-looking statements can be found in our annual information form for the year ended December 31, 2020, filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) under cover of Form 40-F, as well as subsequent filings under our profile.
About Teck
As one of Canada's leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.
Investor Contact:
Fraser Phillips
Senior Vice President, Investor Relations & Strategic Analysis
604.699.4621
fraser.phillips@teck.com
Media Contact:
Chris Stannell
Public Relations Manager
604.699.4368
chris.stannell@teck.com
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Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) announced today that the company has filed a new National Instrument 43-101 (NI 43-101) technical report covering the Kamoa-Kakula 2023 Integrated Development Plan (2023 IDP) for the world-leading Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC).
The 2023 IDP consists of a Pre-Feasibility Study (Kamoa-Kakula 2023 PFS) for the Phase 3 and Phase 4 expansions of the Kamoa-Kakula Copper Complex over a 33-year mine life, as well as an updated Preliminary Economic Assessment (Kamoa-Kakula 2023 PEA) that includes a life-of-mine extension case to 42 years overall. The Kamoa-Kakula 2023 PFS evaluates a staged increase in production capacity at Kamoa-Kakula from the current nominal throughput rate of 7.6 million tonnes per annum (Mtpa) up to a total of 19.2 Mtpa by 2030.
The Kamoa-Kakula 2023 IDP Technical Report was independently prepared by OreWin Pty Ltd. of Adelaide, Australia; China Nerin Engineering Co. Ltd. of Jiangxi, China; DRA Global of Johannesburg, South Africa; Epoch Resources of Johannesburg, South Africa; Golder Associates Africa of Midrand, South Africa; Outotec Oyj of Helsinki, Finland; Paterson and Cooke of Cape Town, South Africa; SRK Consulting Ltd. of Cape Town, South Africa; and, The MSA Group of Johannesburg, South Africa.
The independent Qualified Persons responsible for preparing the Kamoa-Kakula 2023 PFS, and Kamoa-Kakula 2023 PEA, on which the technical report was based, are Bernard Peters (OreWin); Jeremy Witley (MSA Group); Curtis Smith (OreWin); William Joughin (SRK); Marius Phillips (DRA Global); Alwyn Scholtz (DRA Global), and Andreas Savvas (Epoch).
The Kamoa-Kakula Copper Complex is operated as the Kamoa Holding joint venture between Ivanhoe Mines and Zijin Mining, and is approximately 25 kilometres southwest of the town of Kolwezi and about 270 kilometres west of Lubumbashi in the DRC. Ivanhoe and Zijin Mining each hold an indirect 39.6% interest in Kamoa-Kakula, Crystal River holds an indirect 0.8% interest, and the DRC government holds a direct 20% interest.
The technical report titled "Kamoa-Kakula Integrated Development Plan 2023" has been filed on the SEDAR website at www.sedar.com and on the Ivanhoe Mines website at www.ivanhoemines.com.
Information contacts
Vancouver: Matthew Keevil +1.604.558.1034
London: Tommy Horton +44 7866 913 207
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158698
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Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") announced today the release of our 22 nd annual Sustainability Report, highlighting our performance in 2022 and progress on our sustainability strategy goals.
"Environmentally and socially responsible mining is core to our approach to business," said Jonathan Price, CEO. "At Teck, we are committed to responsibly producing the critical minerals essential to the low-carbon future, while maintaining a high standard of sustainable performance. I am pleased to share our 2022 Sustainability Report, in which we detail progress in areas including health & safety, climate action, diversity, biodiversity and more."
Teck's approach to responsible mining is underpinned by a long-term sustainability strategy, which sets out goals in the areas of Health and Safety, Climate Change, Responsible Production, Our People, Water, Tailings Management, Communities and Indigenous Peoples, and Biodiversity and Reclamation. This includes our net-zero climate strategy , and our commitment to becoming a nature positive company.
2022 Sustainability performance highlights included:
Teck's 2022 Sustainability Report and Annual Report are available on our website . Other reports available including our Economic Contribution Report and the TCFD-aligned Climate Change Outlook 2021 report are also available on the Disclosure Portal .
In 2022, Teck was named to the S&P Dow Jones Sustainability World Index (DJSI) for the 12th consecutive year and ranked #1 in the Metals and Mining industry category in the S&P Corporate Sustainability Assessment as of December 2022. Teck is rated AA for ESG performance by MSCI and has been a constituent of the MSCI World Leaders ESG index since 2015. Teck is ranked first among North America Metals and Mining companies by Moody's ESG and rated Prime by ISS ESG.
About Teck
As one of Canada's leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources .
Teck Media Contact:
Chris Stannell
Public Relations Manager
604.699.4368
chris.stannell@teck.com
Teck Investor Contact:
Fraser Phillips
Senior Vice President, Investor Relations and Strategic Analysis
604.699.4621
fraser.phillips@teck.com
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