【Ferro-alloys.com】Phase 1 mining operations have started at the Yerbas Buenas magnetite project, in Chile, ASX-listed Freehill Mining reported on Monday.
The company noted that first ore sales from the project are scheduled for January.
Freehill Mining has appointed local contractor MTN Gold SpA to undertake mining, crushing and processing operations at a rate of around 5 000 t/m of magnetite, under current permit.
“The appointment of an experienced and proven contractor is an excellent outcome for Freehill and consistent with our strategy of establishing a low capital cost, low operating cost, sustainable mining operation at Yerbas Buenas,” said CEO Paul Davies.
‘Our immediate focus is to ensure the consistent delivery of 5 000 t a month of saleable product using third-party infrastructure and support. Building a steady revenue base from the Phase 1 operations is our key objective so we can self-fund our near-term growth and limit shareholder dilution.
“While we have been working behind the scenes diligently to deliver today’s outcome, we look forward to regularly reporting on progress as activities ramp up.”