Canadian Dundee precious metals sees great potential in Kapan mine in Armenia
29.11.2007,
03:21
The Canadian Dundee Precious Metals sees a great potential in Kapan mine in Armenia, said the company’s President Jonathan Goodman. In 2006 the company purchased the mine to launch activities in gold, zinc and copper mining industries.
YEREVAN, November 28. /ARKA/. The Canadian Dundee Precious Metals sees a great potential in Kapan mine in Armenia, said the company’s President Jonathan Goodman. In 2006 the company purchased the mine to launch activities in gold, zinc and copper mining industries.
The mine has a great potential and will meet the company’s expectations, Goodman said.
In 2008 Dundee Precious Metals plans to invest $20mln in exploration of Kapan mine. Goodman pointed out that the company has involved three drilling units for this purpose.
The drilling activities were supposed to be launched nine months ago, but mining industry is rather competitive all over the world and the Canadian company had difficulties in getting drilling units, according to Goodman.
The company’s concentration plant can annually mine 1.2mln tons of ore. For this, Dundee Precious Metals needs about $10mln investments, the company’s President said.
He pointed out that the company will never focus on productivity improvement to the prejudice of the mine’s safety.
Research activities carried out in Kapan mine show that it contains large ore reserves which enables carry out to open-cast mining activities. For this, the company needs some $300mln, Goodman said. He pointed out that the company does not rule out the possibility of making investments in other mines in Armenia.
Regional Director of Dundee Precious Metals Jeremy Cooper pointed out that one tone of ore concentrate contains 55% of zinc, 20% of cooper and 20 grams of gold.
After purchasing Kapan mine, Dundee Precious Metals spent $9.6mln on modernization of infrastructures and equipment. $21.3mln was allocated for large-scale research activities in 2007 to reveal the whole potential of mines. $5.3mln of the sum was spent by September 2007.
In April the company was licensed to put into operation the 350 sq/m territory around Kapan mine.–0--
The mine has a great potential and will meet the company’s expectations, Goodman said.
In 2008 Dundee Precious Metals plans to invest $20mln in exploration of Kapan mine. Goodman pointed out that the company has involved three drilling units for this purpose.
The drilling activities were supposed to be launched nine months ago, but mining industry is rather competitive all over the world and the Canadian company had difficulties in getting drilling units, according to Goodman.
The company’s concentration plant can annually mine 1.2mln tons of ore. For this, Dundee Precious Metals needs about $10mln investments, the company’s President said.
He pointed out that the company will never focus on productivity improvement to the prejudice of the mine’s safety.
Research activities carried out in Kapan mine show that it contains large ore reserves which enables carry out to open-cast mining activities. For this, the company needs some $300mln, Goodman said. He pointed out that the company does not rule out the possibility of making investments in other mines in Armenia.
Regional Director of Dundee Precious Metals Jeremy Cooper pointed out that one tone of ore concentrate contains 55% of zinc, 20% of cooper and 20 grams of gold.
After purchasing Kapan mine, Dundee Precious Metals spent $9.6mln on modernization of infrastructures and equipment. $21.3mln was allocated for large-scale research activities in 2007 to reveal the whole potential of mines. $5.3mln of the sum was spent by September 2007.
In April the company was licensed to put into operation the 350 sq/m territory around Kapan mine.–0--
