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Metminco quarterlies highlight progress in Peru and Colombia

Tuesday, November 1, 2016 5:49
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Shares in Metminco Ltd (LON:MNC) ticked up by just over 3% after the company issued a quarterly update that reminded the market of the potential of its Quinchia gold portfolio in Colombia.

The key Miraflores prospect was the subject of an economic study released during the previous quarter which demonstrated the viability of a project producing 50,000 ounces of gold per year over a nine year life at all in sustaining costs of US$648 per ounce.

The cost to build such an operation at Miraflores was put at US$98 mln.

Meanwhile, at Los Calatos the first tranche of funding from joint venture partner CD Capital has now been received.

The company has also now received the cash from a A$1 mln placing that it completed in October and is in talks about potential funding for a full-blown feasibility study at Miraflores. 

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