Haquira is one of the world’s major undeveloped copper deposits with excellent potential for a large-scale copper mine. It is located in southern Peru adjacent to Xstrata Copper’s Las Bambas copper-gold project.
First Quantum’s acquisition of Antares Minerals and its principal asset, the Haquira deposit, was finalized in December 2010.
The deposit has reported measured and indicated resources of 3.7 million tonnes of contained copper equivalent and inferred resources of 2.4 million tonnes of contained copper equivalent.
Our current priorities are to expand the infill and condemnation drill program, initiate the process to expand the exploration program to enhance the resource base, and commence the environmental impact assessment (EIA).
A $30-million budget has been allocated to the drill program. An updated reserve and resources estimate and the EIA are expected in mid-2012.
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