| KGHM aims to start producing copper at Canadian site at end-2018 | |
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WARSAW, May 29 (Reuters) - Poland's KGHM said it was delaying the start of copper concentrate production at the Afton-Ajax open-pit mine in Canada to end-2018 from an initial target of 2015 after it consulted with local residents and decided to expand the project. Europe's second-largest copper producer took over the old mine site in British Columbia in 2012 and plans to invest $795 million to develop and operate it. Canadian firm Abacus is a local partner in the project. Although a 2012 feasibility study mentioned a start date of 2015, KGHM already at that time expected the plan would be delayed, a KGHM spokeswoman said on Thursday. "We knew from the very beginning that sticking to this timing was not our priority. The project has been enlarged, and we also wanted to talk to local people as we're a socially responsible company," the spokeswoman said. "The revised schedule assumes that construction of the mine will start in the middle of 2016, which means a delay in capital investment," KGHM said in a statement. The company forecasts annual production will ultimately amount to 50,000 tonnes of copper concentrate and 100,000 ounces of gold. (Reporting by Marcin Goclowski; editing by Jane Baird)
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Abacus Mining and Exploration
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EXPLORATION STAGE |
CODE : AME.V |
ISIN : CA0025552096 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Abacus Mining is a copper and gold producing company based in Canada. Abacus Mining produces copper, gold, palladium and silver in Canada, and holds various exploration projects in Canada. Its main asset in production is AFTON in Canada and its main exploration properties are THE MONTE CARLO ZONE, DM AUDRA DEPOSIT, AFTON - AJAX CAMP and RAINBOW in Canada. Abacus Mining is listed in Canada. Its market capitalisation is CA$ 1.4 millions as of today (US$ 1.1 millions, € 959 244). Its stock quote reached its highest recent level on June 07, 1996 at CA$ 1.66, and its lowest recent point on April 20, 2001 at CA$ 0.01. Abacus Mining has 39 130 000 shares outstanding. |