Condor Blanco completes Marianas scoping, moves to full ownership
PERTH (miningweekly.com) – ASX-listed Condor Blanco Mines has successfully completed a scoping study for its 50%-held Marianas iron tailings project, in Chile, prompting the developer to undertake environmental studies.
“We are pleased to announce that the Marianas iron tailings project is shaping up to be a viable producer of high-quality iron-ore products. The findings from the scoping study provide us with reconfirmation that Marianas has the ability to be cost competitive from day one, and the potential for Condor to be one of Australia’s next iron-ore producers,” said Condor MD Glen Darby.
The scoping study evaluated Condor’s plans for the on-site processing of tailings into a saleable concentrate, averaging 62% iron, and transporting the product to an iron-ore export facility at Caldera.
The study used a system that would place the iron concentrate on ships offshore via self-propelled barges owned and operated by a third-party operator.
In October, Chile-focused Condor Blanco Mines signed a heads of agreement with mining contractor Lacerta Finance and Mining Spa to process tailings ore from the Marianas magnetite and hematite project. Under the long-term agreement, Lacerta would manage, operate and process tailings at the Marianas site.
Groundwork for the initial stages of a 200 t bulk sample has now been completed.
The project due diligence period had been extended for 60 days to allow for an increased scope and a more detailed study of the processing agreement with Lacerta. Further discussions were expected to take place to finalise operating agreements.
Meanwhile, Condor Blanco on Monday announced that it had signed an option agreement to acquire the remaining 50% interest in the Marianas iron tailings project.
Darby noted that the agreement would allow the company to achieve the best outcome in terms of finalising arrangements to acquire project finance and operate the project on a profit-sharing basis.
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