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BRIEF-Metallum halts mining operations at El Roble copper project

Published 15/09/2015, 09:13 am
BRIEF-Metallum halts mining operations at El Roble copper project
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Sept 15 (Reuters) - Metallum Ltd MNE.AX :

* El Roble operational update MNE.AX

* Has halted mining operations and stood down all production staff at its El Roble copper project in Chile

* Company is currently in negotiations with private copper ore processing plants within trucking distance from el roble

* This has been made necessary by recent falls in the copper price and the dramatic price decrease of the enami tariff for delivered ore"

* Under current enami pricing structure, mining at el roble has become uneconomic for the company

* Metallum has moved to put the mine into care and maintenance

* Says company is unable to provide a timeframe on when or if mining operations will recommence

* Company has been in negotiations to restructure its option agreement over certain concessions at the el roble copper project

* In the absence of reaching a new agreement with the vendor, the company will no longer have access to concessions

* Says notes that Panga, Viuda, Paraguay and San Sebastian mines are not part of licence areas and not impacted by option expiry

* Source text for Eikon ID:nASX3q3nxN

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