Firma Acquires Remaining Interest in Fully Permitted IDS Smelter, Mexico
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Firma Holdings Corp., through its subsidiary Gracepoint Mining Corp, has acquired the remaining interest in its Durango Smelter Project, which is joint ventured with MX Gold Corp. The company has now completed the purchase of a 100 percent interest in INVERSIONES DURANGO SAN LUIS, S.A. C.V., which is located in Durango, Durango, Mexico.
The acquisition includes a fully permitted smelter that was completed in 2014 for a throughput capacity of 50 tonnes per day (TPD). The smelter was built to receive and process high-grade direct ship ores and concentrates from small-scale miners across the state of Durango and beyond. The concept was birthed by the vision of Rosa Isela De La Rocha, a state Senator for Durango. Using a central location to safely and more efficiently process daily production, the community of local miners could enhance economics and quality of life. By eliminating the need for each miner to process, or otherwise dispose of, their individual ore production, the miners are able to spend more time producing and also receive a higher return from their production.
“It is my passion and my continued desire to complete the work I began in 2010, that was designed to help the mining community of Durango. I am very pleased to have found a community friendly company that understands my vision and is willing to help bring this project to a completion,” said Rosa Isela De La Rocha, state senator of Durango.
“We are very fortunate to have secured a project that can provide a significant source of near term revenue for our company and simultaneously help the small scale mining community of Durango,” said Francis Biscan Jr., president of Firma Holdings.
During Gracepoint’s pre-purchase due diligence time, it has been confirmed that sufficient high-grade ore supply could be secured in adequate quantities to meet and substantially exceed the current throughput capacity of the smelter.
Furthermore, a project plan has been developed and work has begun on several fronts: contact has been made with several mining groups to evaluate the supply potential from each group, including estimated average grades of what they have been producing, and purchase parameters; an analysis of the permitted flow sheet by a reputable metallurgist that has significant experience with smelter recoveries, will be commissioned to confirm the previous expectations or recommend any modifications to enhance economics.
Additionally, at the plant site, various efforts have been initiated, including; recalibrating the truck scale, rebuilding the metallurgical lab; setting up the crushing circuit; overall cleanup of the site; and the hiring of critical personnel. Gracepoint believes the mining sector is looking for low cost production over exploration alone. As with Magistral, the ability for a project to be in production within a relatively short time frame due to an existing permit is paramount to the projects merits.
About Firma
Firma Holdings Corp. currently holds three wholly owned subsidiaries focused on development and production of food products, packaging technology and mining.
To stop by Firma’s website, CLICK HERE
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