MARENGO MINING LTD is advancing to the next stage in the development of its Yandera copper-molybdenum project in Papua New Guinea, and has set a target of mid 2009 to complete a definitive feasibility study (DFS) with a view to securing finance for a production start-up by 2011. Tie Perth-based group is moving to refine numbers previously outlined in a conceptual mining study (CMS) into the proposed operation. The CMS estimated total capital costs at around 1 billion US dollars based on a copper price of 1.50 US dollars/pound and a molybdenum price of 15 US dollars/lb. Marengo managing director Les Emery explained the DFS would eliminate costs such as rail - which was valued at 250 million dollars- and port development.
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