Luxembourg, November, 2009: Infrastructure development company Globe One GmbH, which has swapped majority equity with German Rhineland-Palatinate Holdings in 2006, is expected to reach a commercial production investment deal with the two Canadian miners working in Latin America. Deposits consist of gold and silver oxides besides copper and zinc sulphides at the two abandoned mines would need a total investment of $37 Million. According to the Europe Equity Investment Resources, Rhineland-Palatinate's minority stakeholder Vinod Ghildiyal is among the three private investors.
The Latin American project, is expected to go into production in late 2010, as a low-cost gold producer for the first two years and a high-grade copper concentrate and zinc producer for the remainder of mine life. The mine is expected to produce 1,06-million ounces of gold, 9,4-million ounces of silver, 734-million pounds of copper and over one billion pounds of zinc over the life-of-mine. the project is advancing well towards the plant-commissioning phase later this year.
Following a relatively short
commissioning process and reaching commercial production during 2011, the
Canadian company further expects to produce more than 100 000 oz of gold a
quarter at a cost of less than $250/oz. With over 95% of procurement completed,
it is believed that the capital cost will be within the budget of $260-million.