Mining Trends With Mix Indicators Have Companies Proceeding Guardedly Regarding New & Existing Mining Projects - Company Increases Total Productive Capacity by 66%
CORAL SPRINGS, Florida, March 11, 2015 /PRNewswire/ --
Global mining & materials forecasts are mixed as select miners forge ahead despite facing headwinds by continuing to seek new acquisitions, discovery and developmental base metals projects and natural resources worldwide. Mining Companies in focus today are: Calissio Resources Group (OTC: CRPG), Freeport-McMoRan (NYSE: FCX), Southern Copper Corp. (NYSE: SCCO), Vale S.A. (NYSE: VALE) and BHP Billiton Ltd. (NYSE: BHP).
Calissio Resources Group (OTC: CRGP) is pleased to the completion of upgrades to the San Pedro Mill, increasing the total productive capacity from 120 tons per day (tpd) to 200 tpd, an increase of 66%. Calissio will now begin the testing phase, which is estimated to last 30 days, and the Company is optimistic the mill will be running at full capacity by the middle of April. At full capacity, San Pedro will be able to process 1,400 tons of ore per week or an estimated 18,000 tons per fiscal quarter, which will add an estimated $1.1 million per quarter and $4.4 million annually, at prevailing copper prices.
Read the full CRGP Press Release at http://www.financialnewsmedia.com/profiles/crgp.html
"This is a huge milestone for the Company, and will make a dramatic impact to our bottom line due to our strong strategic advantage of low production costs. San Pedro will now initiate the testing phase, so we can ensure a smooth transition to full production," said Adam Carter, the President & CEO of Calissio. "The upgrade mill will increase our overall efficiency significantly, and will dramatically increase our productive capacity." Mr. Carter also provided an update regarding the upgrades to the La Jovita Mill, which are on schedule and on budget. Upgrades to La Jovita that will increase operational capacity from 200 tpd to 500 tpd.
In other Global Copper Sector News & Events: Freeport-McMoRan (NYSE: FCX) and Southern Copper Corp. (NYSE: SCCO) are the major copper producers in the US. FCX forms 3.63% of the SPDR S&P Metals and Mining ETF (XME) and 4.22% of the Materials Select Sector SPDR ETF (XLB)
Freeport-McMoRan Inc. (FCX) has its operations spread across minerals and oil and gas exploration. Its mining portfolio spans four continents. Freeport has reserves of 29 billion pounds of copper and 28 million ounces of gold in Indonesia. FCX recently announced results of additional production testing on Freeport-McMoRan Oil & Gas's (FM O&G) Highlander discovery, located onshore in South Louisiana in the Inboard Lower Tertiary/Cretaceous trend. The production test, which was performed in the Cretaceous/Tuscaloosa section, utilized expanded testing equipment and indicated a flow rate of approximately 75 million cubic feet of natural gas per day (MMcf/d), approximately 37 MMcf/d net to FM O&G, on a 42/64th choke with flowing tubing pressure of 10,300 pounds per square inch. FM O&G expects to immediately commence production using FM O&G facilities in the immediate area. FM O&G plans to install additional amine processing facilities to accommodate the higher rates.
Southern Copper Corp. (SCCO) engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Chile, and Ecuador. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce anode copper; and refining of anode copper to produce copper cathodes, as well as molybdenum concentrate, refined silver and gold, and other materials
In other Metals & Minerals News & Happenings: Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (NYSE: SLW) is pleased to announce that its wholly-owned subsidiary, Silver Wheaton (Caymans) Ltd. ("Silver Wheaton Caymans"), has agreed to acquire from a subsidiary of Vale S.A. ("Vale") (NYSE: VALE) an amount of gold equal to 25% of the life of mine gold production from its Salobo mine, located in Brazil. This acquisition is in addition to the 25% of the Salobo gold production that Silver Wheaton acquired in 2013. The Company will pay Vale cash consideration of US$900 million for the increased gold stream. In addition, Silver Wheaton will make ongoing payments of the lesser of US$400 (subject to a 1% annual inflation adjustment commencing in 2017) and the prevailing market price for each ounce of gold delivered under the agreement. The original gold purchase agreement, dated February 28, 2013, has been amended to provide for the additional 25% stream.
BHP Billiton Ltd. (NYSE: BHP) engages in the discovery, acquisition, development, and marketing of natural resources worldwide. It produces iron ore, metallurgical and energy coal, oil and gas, copper, aluminum, manganese, uranium, nickel, and silver deposits. BHP closed down slightly on Tuesday at $47.45 on over 2.8Million shares traded by market close.
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