Hot Chili has taken another step in its consolidation strategy for the Costa Fuego project.
Costa Fuego comprises three mineral resources situated within a 10 km radius – Productora, Cortadera and San Antonio.
The Productora deposit is 100% owned by Chilean incorporated company Sociedad Minera El Aguila SpA . SMEA is a joint venture company, 80%-owned by Sociedad Minera El Corazón Limitada and 20% owned by CMP Productora . The Cortadera deposit is controlled by Chilean incorporated company Sociedad Minera La Frontera SpA – a subsidiary company 100% owned by Sociedad Minera El Corazón Limitada, which, in turn, is a 100% subsidiary of Hot Chili.
The San Antonio deposit is controlled by Frontera and has an option agreement with a private party to earn a 90% interest.The results of the preliminary economic assessment on Costa Fuego outline a low-risk, long-life copper project benefiting from low startup capital and a high copper equivalent metal production profile of more than 112 000 t/y over a 16-year mine life, including 95 000 t copper and 49 000 oz gold during primary production .
The PEA proposes a combined openpit truck-and-shovel operation and an underground block cave using centralised processing for a conventional large-scale copper mine producing concentrate and copper cathode.In the base case , the project has a pretax net present value, at an 8% discount rate, of $1.54-billion and an internal rate of return of 24%, with a payback from first production of 3.5 years.
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