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Metminco says funding negotiations continue; interims reveal period of major progress

By Ian Lyall September 02 2013, 7:42am


Metminco (LON:MNC, ASX:MNC) confirmed that negotiations continue with potential funding partners for its Los Calatos copper project in Peru.

The update was given in the explorer’s interim results statement, which charted a period of significant progress – one in which it has substantially de-risked its flagship asset.

The optimisation work on Los Calatos has ensured its economics are robust, while its designation as a project of national interest will help with its future development.

Metminco confirmed on Monday selection and preparation of samples for metallurgical testwork for pre-feasibility study has been completed.

Meanwhile, the planning of pre-feasibility metallurgical test programme that includes grinding and flotation, as well as the use of sea water, is underway.

Managing director William Howe said: "During the half year to June 2013, Metminco made significant progress in advancing Los Calatos and Mollacas closer to production whilst simultaneously restructuring its operations to conserve cash in this difficult economic climate.”

As at June 30, the group had A$12.6mln in cash, which, after taking the scalpel to costs, means it has enough money to meet its immediate needs.

The financials reveal an exploration write-off of A$31.7mln, which gave a loss of $33.6mln.