Los Andes Copper Limited Auditor Raises 'Going Concern' Doubt
Jan 28 14
Los Andes Copper Limited filed its Annual on Jan 28, 2014 for the period ending Sep 30, 2013. In this report its auditor, De Visser Gray, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Los Andes Copper Ltd. Announces Preliminary Economic Assessment and Updated Mineral Resources for Vizcachitas
Dec 13 13
Los Andes Copper Ltd. announced that the company has filed a Preliminary Economic Assessment ('PEA') and an updated resource estimate on its 100% owned Vizcachitas porphyry copper-molybdenum project ('Vizcachitas Project') located in Region V, Chile. The PEA was prepared by Coffey Consultoria y Servicios SpA (Coffey) and Alquimia Conceptos S.A., As part of the PEA the resource estimate for the Vizcachitas Project was updated by Coffey. At a 0.3 % copper equivalent (Cu Eq) cut-off, the indicated resources are 1,038 Mt @ 0.434 % Cu Eq (0.373 % Cu and 0.012 % Mo), containing an estimated 8.5 billion pounds of copper and 281 million pounds of molybdenum, and the Inferred Resources are 318 Mt @ 0.405 % Cu Eq (0.345 % Cu and 0.013 % Mo) containing an estimated 2.4 billion pounds of copper and 88 million pounds of molybdenum. The estimate increases the Indicated Resources from the previous mineral resources which had an effective date of June 9, 2008. The resource estimate was based on a total of 146 drill holes and 40,383 metres drilled, including a total of 16 drill holes and 5,128 metres of drilling completed after the June 9, 2008 resource estimate. Mineral resources are reported within a whittle pit shell based on: Mine Cost - 2.25 USD/t, Process Cost - 6.94 USD/t, Copper Price - 3.00 USD/lb, Molybdenum Price - 13.6 USD/lb. Conc. Copper Sales Cost - 0.5537 USD/lb., Conc. Molybdenum Sales Cost - 1.60 USD/lb., Recovery Copper - 90 %, Recovery Molybdenum - 60 %, Slope Angles - 42° to 47°. The PEA evaluated four mining scenarios feeding flotation facilities with a throughput of 44 ktpd, 88 ktpd, 176 ktpd and 88 ktpd with a step up in production to a final throughput of 176 ktpd. The 176 ktpd case was selected to be the base case as it produced the highest net present values (NPV). The results are presented with and without the inclusion of a 29 MW run-of-river hydroelectric generation facility (Hydro Plant) located on a section of the Rocin River where the Vizcachitas Project is located. The inclusion of the Hydro Plant is contingent upon the closing of the acquisition of water rights and studies for the Hydro Plant as described in the Filing Statement filed on SEDAR on November 29, 2013. The base case has a life of mine of 28 years, total capital expenditures of $3.61 billion, and considered flat projected copper prices of $2.75/lb and molybdenum prices of $13.64/lb. On a pre-tax basis, the base case, including the Hydro Plant, results in an NPV of $746 million, internal rate of return (IRR) of 11.4%, and an estimated payback period from initial commercial operations (Payback Period) of 5.9 years. On an unlevered after-tax basis, the base case, including the Hydro Plant, results in an NPV of $274 million, IRR of 9.5%, and a Payback Period of 6.0 years. On a pre-tax basis, the base case, excluding the Hydro Plant, results in an NPV of $602 million, IRR of 10.9%, and a Payback Period of 6.3 years. On an unlevered after-tax basis, the base case, excluding the Hydro Plant, results in an NPV of $178 million, IRR of 9.0%, and a Payback Period of 6.4 years.
Los Andes Copper Limited Proposes Amendments to the Articles
Nov 6 13
Los Andes Copper Limited at its Annual General Meeting to be held on December 3, 2013, will approve the amendments to the company's articles, the effect of which is to alter the company's articles to ensure the company may make use of the notice-and-access method for sending meeting materials to shareholders.