Brief: Poland's KGHM says may extract 1.2 mln tonnes of copper in Canada

Abacus Mining & Exploration

14/01/2016 05:54

Jan 14 (Reuters) - Poland's KGHM Polska Miedz  KGH.WA :  
    * Says its Canadian unit Ajax's reserves are estimated to 
have 1.2 million tonnes of copper 
    * Mine life is calculated at 18 years. The construction of 
the mine will last for two and half years. 
    * Company added that Ajax's reserves amount to 2.6 million 
ounces of gold and 5.3 million ounces of silver. 
    * Average annual production of copper and gold in 
concentrate is expected to amount to 58,000 tonnes of copper and 
125,000 ounces of gold respectively. Silver production will be 
variable, KGHM said. 
    * KGHM said its investments in the project are estimated at 
$307 million and they will pay back in six-and-a-half years 
    * The Ajax project is a joint venture of KGHM and Abacus 
Mining & Exploration. 
 
Source text for Eikon:  urn:newsml:reuters.com:*:nEM1319473 
Further company coverage:  KGH.WA  
 
 (Reporting by Marcin Goclowski) 
 ((marcin.goclowski@thomsonreuters.com;))