AQM Copper Completes PFS for Its Zafranal Copper Project, Peru
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AQM Copper Inc. has completed a positive, independent preliminary feasibility study (PFS) of the company’s Zafranal Project located in the southern Peru porphyry copper belt.
The Zafranal Copper Project is owned by Compania Minera Zafranal S.A.C. (CMZ), a joint venture company that is beneficially owned by AQM, Teck Resources Limited, and Mitsubishi Materials Corporation. AQM, through Minera AQM Copper Peru S.A.C. (MAQM), has been the operator of the project since 2009.
The Zafranal PFS was independently prepared by Ausenco Peru S.A.C., Amec Foster Wheeler PLC (AmecFW) and NCL Ingenieria y Construccion SpA, with the support from other specialist consultants. The PFS report reflects the design of an open pit mine, conventional flotation concentrator processing facility and associated infrastructure.
“We are extremely pleased with the results of the PFS as it provides a solid basis for advancing the project. The PFS reflects the combined experience and efforts of the partners and our consultants in delivering an excellent result. Our engagement with the regional and local authorities and representatives of the local communities has generated a constructive space for continued dialogue and we are optimistic that all the stakeholders will benefit from the continued development of the Zafranal Project,” said Bruce Turner, president and chief executive officer of AQM.
“AQM currently has CDN$2 million in the bank in Canada, and an additional US$10 million in its subsidiary MAQM in Peru to contribute towards its share of the cost of the next level of study for the project. We are currently in discussions with our partners as to the next steps to advance the project,” added Turner.
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About AQM Copper
AQM Copper Inc. is a Canadian mineral exploration company exploring and developing copper deposits in South America. Through its Peruvian subsidiary, Minera AQM Copper Peru S.A.C. (MAQM), the company is developing the Zafranal Copper-Gold Porphyry Project located in Southern Peru. MAQM is the operator of a 50/50 joint venture with Teck Resources Limited through a sole purpose Peruvian company, Compania Minera Zafranal. MAQM is owned 60 percent by AQM Copper Inc. and 40 percent by Mitsubishi Materials Corporation. The company’s management and directors have extensive experience working for the world’s largest mining copper producers and investment banking backgrounds.
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