SolGold noted that most key items of the PFS are near completion. Those include Alpala’s hydrogeological model with the final layout of mine infrastructure, included ventilation design, production schedules and process plant design
The miner noted that a third resource update for Alpala, forms the basis of the PFS study, had already been completed in April, adding there have been no changes since.
The deposit’s resource stands at 2.66 billion tonnes at 0.53% copper-equivalent in the measured and indicated categories, and 544 million tonnes at 0.31% copper-equivalent in the inferred category.
Largest copper-gold potential
SolGold considers Alpala to be among the world’s best undeveloped deposits, with an estimated mine life of 55 years. The project is located on the northern section of the Andean Copper Belt, known for producing nearly half of the world’s copper.
Ecuador has lately attracted a flurry of interest from big miners looking to increase their exposure to the red metal. The highly conductive material is in high demand for use in renewable energy and electric vehicles, but big, new deposits are rare.
Diversified majors particularly favour such large-scale, long-life projects as the one SolGold promises. BHP, for one, upped its stake in the company last year to 14.7% from 11.1%, becoming the Ecuador-focused miner’s top shareholder.
