Xstrata Raises Copper/Gold Resource Estimate at Frieda River, PNG
January 21 2010 - 11:45PM
Dow Jones News
The copper unit of Xstrata PLC (XTA.LN) Friday upgraded a
mineral resource estimate for the Horse-Ivaal-Trukai, or HIT,
deposit at its Frieda River copper-gold project in Papua New
Guinea.
The latest resource estimate includes much increased inventory
and improved confidence levels, including a 26% increase in
resource tonnage. Measured resources have been reported for the
first time and measured and tons now total 40% of the increased
resource inventory, it reported.
The new HIT resource estimate indicates a measured, indicated
and inferred resource of 1.06 billion tons of ore grading 0.53%
copper, 0.29 grams a metric ton of gold and 0.8 grams/ton of
silver, using a cut-off grade of 0.3% copper, for more than 5.6
million tons of copper and 9.9 million ounces of gold.
"Our current focus is to conduct various technical studies to
support a pre-feasibility study which is scheduled for completion
in the third quarter of 2010," Xstrata Copper Executive General
Manager Project Evaluation Peter Forrestal said in a statement.
Xstrata holds a 76.3% stake in Frieda River, while Highland
Pacific Ltd. (HIG.AU) holds 16.95% with the remaining 6.75% held by
OMRD, the project's host communities and district, provincial and
national governments.
The Frieda River project, located 170 kilometers northwest of
the giant Porgera gold mine, is shaping up as one of the largest
open-pit greenfield copper projects in the world, Highlands Pacific
Managing Director John Gooding said in a separate statement.
The prefeasibility study is considering mining and processing 50
million tons of ore a year, with construction to start in 2012 and
first production in 2017, he said.
-By Ray Brindal, Dow Jones Newswires; 612-6208-0902;
ray.brindal@dowjones.com
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