Malaga Inc.(TSX:MLG) announced that it will undertake construction of a pilot plant to validate concept studies from its existing tailings pond. Construction of the plant is to begin immediately after receiving financing from an advance on sales.
Malaga Inc.(TSX:MLG) announced that it will undertake construction of a pilot plant to validate concept studies from its existing tailings pond. Construction of the plant is to begin immediately after receiving financing from an advance on sales.
As quoted in the press release:
Financed by an advance on sales from Malaga’s current customer, Global Tungsten & Powders Corp (“GTP”), construction will begin immediately with first delivery expected in Q3-2012. Assuming a 50% recovery rate, Malaga would produce an additional 31,500 metric tonne units (MTU’s) over the next few years from the current tailings pond, which is the equivalent value of $10M USD in revenues at current market prices.
Malaga Inc., President and CEO, Pierre Monet, commented:
We are pleased to valorize the tungsten content from our current tailings pond, and look forward to using the cash flow generated from this project to invest in development of the Pasto Bueno mine. We are also pleased to benefit from GTP’s on-going support and their position as a leading player in the tungsten sector.
Click here to read the Malaga Inc. (TSX:MLG) press release
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