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Xstrata plc

Published : March 14th, 2011

Minera Alumbrera shareholders enter letter of intent for an option to acquire t

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Keywords :   Argentina | Chile | Coal | Cobalt |

 

Xstrata Copper and Goldcorp Inc. have entered into a Letter of Intent ("LOI") with Yamana Gold Inc. that grants Minera Alumbrera  an exclusive option with respect to Yamana's 100% interest in the Agua Rica copper gold project in Catamarca province in northwest Argentina. The transaction remains subject to the parties agreeing binding transaction documents.

 

Minera Alumbrera is a joint venture company between Xstrata Copper (Manager and 50% shareholder), Goldcorp (37.5%) and Yamana (12.5%). The Agua Rica deposit is located 35 kilometres southeast of Bajo de la Alumbrera copper and gold mine, operated by Minera Alumbrera.

 

The LOI outlines an agreement in which Minera Alumbrera will be granted an exclusive four-year option to acquire Yamana's interest in the Agua Rica project for progressive option payments of up to US$110 million. Xstrata Copper and Goldcorp will finance all payments related to the option on a 57.14% and 42.86% basis respectively.

 

Xstrata Copper and Goldcorp can collectively elect to exercise the option at any time during the four-year period through an approval to proceed decision for construction of the Agua Rica project. On approval to proceed, Yamana would receive US$150 million and on commissioning an additional US$50 million. Yamana would also retain the right to a deferred payment related to 65% of the payable gold production from Agua Rica to a maximum of 2.3 million ounces.

 

Minera Alumbrera will manage the Agua Rica project and fund the completion of a final feasibility study and all development costs. The respective ownership interests in Minera Alumbrera would remain unchanged and apply to the Agua Rica project.

 

Xstrata Copper Chief Executive, Charlie Sartain said the option would enable Minera Alumbrera to further evaluate the potential of the Agua Rica project as part of that company's long term growth strategy.

 

"The option in the Agua Rica project presents Minera Alumbrera with an attractive low-risk opportunity to expand its current operations and extend its current mine life by more than 25 years. On completion of the binding transaction documents, we look forward to working with our joint venture partners, relevant authorities and other key stakeholders, including Yacimientos Mineros de Agua de Dionisio1, to assess the potential development of Agua Rica."

 

Ends

 

Xstrata contacts

 

 

 

 

 

 

 

Emily Russell 

 

Alison Flynn

 

Telephone

+562 478 2204

 

Telephone

+44 20 7968 2838

Mobile

+ 569 9443 3571

 

Mobile

+44 7769 314374

Email

erussell@xstratacopper.com

 

 

Email

aflynn@xstrata.com

 

 

 

 

 

 

 

www.xstratacopper.com

 

 

Neither the content of the company's website nor the content of any other website accessible from hyperlinks on the company's website is incorporated into, or forms part of, this announcement

 

 

ABOUT XSTRATA PLC

Xstrata is a global diversified mining group, listed on the London and Swiss Stock Exchanges. Headquartered in Zug, Switzerland, Xstrata maintains a meaningful position in seven major international commodity markets: copper, coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc with additional exposure to gold, cobalt, lead and silver. The Xstrata Group also comprises a growing platinum group metals business, iron ore projects, recycling facilities and a suite of global technology products, many of which are industry leaders. The Group's operations and projects span 20 countries.

 

ABOUT XSTRATA COPPER

Xstrata Copper is the fourth largest global copper producer with attributable mined production in 2010 of 913,500 tonnes of copper in cathodes and concentrates. The company is also one of the world's largest producers of smelter and refined copper, including from third party materials.

 

Headquartered in Brisbane, Xstrata Copper is one of the commodity business units within the major global diversified mining group Xstrata plc. Its mining and metallurgical operations and development projects span eight countries: Argentina, Australia, Canada, Chile, Peru, the Philippines, Papua New Guinea and the USA. Its operations and projects are administered through a regional divisional management structure, which ensures that critical decisions are taken close to the related businesses. It also has a recycling business (Xstrata Recycling) with plants in the United States and offices in Canada and Asia. 

 

ABOUT MINERA ALUMBRERA

Xstrata Copper manages and has a 50% controlling interest in Minera Alumbrera with Canadian companies Goldcorp and Yamana Gold owning the remaining 50%. Minera Alumbrera has the right to mine the Bajo de la Alumbrera copper-gold deposit, located in the in Catamarca province in northwest Argentina, by agreement with Yacimientos Mineros de Agua de Dionisio (YMAD) which has the title to the deposit. YMAD is formed by the government of Catamarca province and the National Tucuman University and is entitled to 20% of Minera Alumbrera's net proceeds.

 

Minera Alumbrera has an annual production capacity of 150,000 tonnes of copper in concentrate, 400,000 ounces of gold in concentrate, 50,000 ounces of gold dore and 1,600 tonnes of molybdenum concentrate.. Its facilities include the open pit mine and processing plant situated in Catamarca; 317 km slurry pipeline extending from Catamarca to Tucum�n; 202 km 220 kV powerline from El Bracho power station in Tucum�n; filter plant and rail loading facilities situated in Cruz del Norte (Tucum�n); and port facilities situated in Puerto General San Mart�n, near Rosario (Santa Fe).

 

 

 

 

Data and Statistics for these countries : Argentina | Chile | Guinea | New Guinea | Papua New Guinea | Peru | Philippines | All
Gold and Silver Prices for these countries : Argentina | Chile | Guinea | New Guinea | Papua New Guinea | Peru | Philippines | All

Xstrata plc

PRODUCER
CODE : XTA.L
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Xstrata is a producing zinc and lead company based in Switzerland.

Xstrata produces zinc, lead, bauxite, coal, cobalt, copper, gold, molybdenum, nickel and silver in Argentina, in Australia, in Botswana, in Canada, in Chile, in Colombia, in Jamaica and in Peru, develops cobalt, copper, copper , gold, lead, molybdenum, nickel, palladium, platinum, silver, uranium and zinc in Argentina, in Australia, in Canada, in Chile, in Dominican Republic, in New Caledonia and in Philippines, and holds various exploration projects in Argentina, in Australia, in Botswana, in Brazil, in Canada, in Chile, in Greenland, in Ireland, in Mexico, in Norway, in Panama, in Papua New Guinea, in Peru, in South Africa, in Turkey and in Yemen.

Its main assets in production are ALUMBRERA in Argentina, KIDD CREEK MINE (MINE D), CRAIG - ONAPING (SUDBURY) MINE, PELLETIER LAKE (STADACONA MINE), LINDSLEY MINE, NORALEX (WEST ANSIL, HORNE, ETC), STRATHCONA, KIDD CREEK DIVISION, BUCKO LAKE, FALCONBRIDGE MINE, RAGLAN, SUDBURY, BRUNSWICK MINE and KIDD in Canada, HYC MCARTHUR RIVER, MOUNT ISA LEAD ZINC SILVER, ERNEST HENRY, BOUNTY MINE, COSMOS MINE, THUNDERBOX, EMILY ANN (LAKE JOHNSTON), MT MCCLURE, MT ISA, SILVER SWAN, MT ISA BLACK STAR, MT ISA ENTERPRISE and EMILY ANN in Australia, LOMAS BAYAS and COLLAHUASI MINE in Chile, TINTAYA, ANTAMINA, ANTAMINA and ANTAMINA ZINC ORE in Peru, PHOENIX MINE (TATI NICKEL) in Botswana, PRODECO in Colombia and ST ANN BAUXITE in Jamaica, its main assets in development are LENNARD SHELF, MAGGIE HAYS, CLONCURRY COPPER and LENNARD SHELF in Australia, CERRO DE MAIMON and FALCONDO MINE in Dominican Republic, AGUA RICA and EL PACHON in Argentina, HACKETT RIVER, PREMIERE RIDGE, ONAPING DEPTH, FRASER MORGAN, NICKEL RIM SOUTH, ONAPING DEPTH, PERSEVERANCE and PD1 in Canada, LOMAS BAYAS II in Chile, KONIAMBO in New Caledonia and TAMPAKAN in Philippines and its main exploration properties are HORNE SMELTER, ISLAND COPPER, KONRAD, MARY MARCH, MEGATEM, ROBB LAKE, AKWESKWA, MUSK, CEZINC, DONKIN, TROILUS / TORTIGNY, TORTIGNY, SABIN, CHANCE, TULKS NORTH, CATFACE, GREAT BURNT LAKE, WEST ANSIL, TULK SOUTH - DOMINO, TULK EAST B ZONE, TULK SOUTH BOOMERANG, TULK EAST A ZONE, TULK LONG LAKE MAIN ZONE, SKIDDER, MATAGAMI, HEATH STEELE MINES, GASPE MINE and MONTCALM TWP PROP in Canada, BLACK ROCK, TOBY CREEK, MUSGRAVE, MOUNT PEAKE and SINCLAIR in Australia, ELMALAAN in Turkey, MANGABAL in Brazil, KABANGA in Tanzania, FRIEDA - NENA DEPOSIT in Papua New Guinea, PALLAS GREEN in Ireland and DIKOLOTI in Botswana.

Xstrata is listed in Germany and in United Kingdom. Its market capitalisation is GBX 2 893.1 billions as of today (US$ 4 497.6 billions, € 3 435.7 billions).

Its stock quote reached its lowest recent point on May 14, 2010 at GBX 1 000.81, and its highest recent level on October 14, 2011 at GBX 997.00.

Xstrata has 3 002 692 076 shares outstanding.

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LSE (XTA.L)FRANKFURT (XTR.F)
963.50-2.64%11.67+1.01%
LSE
GBX 963.50
04/30 16:35 -26.10
-2.64%
Prev close Open
970.16 987.50
Low High
960.50 1,002.50
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  963.50 216.94%
Volume 1 month var.
20,722,175 216.94%
24hGold TrendPower© : -33
Produces Bauxite - Copper - Gold - Lead - Molybdenum - Nickel - Silver - Zinc
Develops Cobalt - Copper - Gold - Lead - Molybdenum - Nickel - Palladium - Platinum - Silver - Zinc
Explores for Coal - Copper - Gold - Lead - Nickel - Silver - Vanadium - Zinc
 
 
 
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