During this week, a large business operation was announced that will have repercussions on the mining industry in Salta. The electrical generation company Central Puerto, with national capital, began to venture into the mining business through the Diablillos silver and gold project. The Puna Salta deposit is in charge of the Canadian company Abrasilver.
During this week, a large business operation was announced that will have repercussions on the mining industry in Salta. The electrical generation company Central Puerto, with national capital, began to venture into the mining business through the Diablillos silver and gold project. The Puna Salta deposit is in charge of the Canadian company Abrasilver.
The incorporation of Central Puerto into the project was carried out by another Canadian mining company, Kinross. Between the two of them, they invested 20 million Canadian dollars (equivalent to about US$15 million) to keep 4% of the shares each.
Following the addition of the new partners, AbraSilver President and CEO John Miniotis issued a statement to welcome the “important shareholders and strategic partners”
He highlighted that now the mining company he directs “is well funded for a dual strategy to aggressively advance the Diablillos project towards a production decision and accelerate our exploration efforts.”
According to the latest studies carried out in Diablillos, it was estimated that once the mine was commissioned it could generate an annual average of 17.9 million ounces (moz) of silver equivalent in the first five years. This would place it “as one of the 10 main primary silver mines on the planet,” according to Abrasilver.
This mining company also operates the La Copita gold and silver exploration project in San Juan, which has a market value of 220 million Canadian dollars (US$ 170 million). Meanwhile, the Diablillos project has a net present value of around US$500 million, based on the latest prefeasibility study. The project could enter production between 2027 and 2030 depending on its final size.
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