Environmental Assessment Approval for Titan’s Vista Gold Plant

  • Jan 09, 2019 AEDT
  • Team Kalkine
Environmental Assessment Approval for Titan’s Vista Gold Plant

Titan Minerals Limited (ASX: TTM) is a metal and mining company based out in Perth, Australia. The company is engaged in extracting copper and gold minerals from its two projects namely the San Santiago Project and the Torrecillas Gold Project, both located in the Caravelí Province of the Arequipa Region of Peru. The plant is producing loaded carbon from a CIP gold circuit at an average of 17 to 24 g/t gold head grades. The company is also evaluating additional projects in the same region, either through acquisition or joint venture, which could provide additional low-cost gold and copper ore feed.

Today, the company has announced that it has received the Environmental Impact Assessment (EIA) permit approval for the Vista Gold Plant and Mill located in Southern Peru from Direccion Regional De Energia Y Minas (DREM), the Regional Energy and Mines Institute.

The Vista Gold Plant currently having a nameplate capacity of 150 tonnes per day (TPD) is permitted and designed to increase its capacity by 200 TPD. It could generate up to 90 ounces of gold per day with monthly average grades ranging from 17.5 g/t to 24.4 g/t gold as per the previous production report from May through November 2018.

The company had acquired Andina Resources Ltd (Andina) on 12 July 2018, another metal and mining firm, which had earlier conducted site development and permitting work for a period of 3 to 4 years in Peru. TTM has strongly benefited from the work done by Andina as it has accelerated the construction phase of the Vista plant in the second half of 2018.

TTM now has an experienced gold processing and plant development team from Andina which will be operating Vista, bringing a depth of processing knowledge, accompanied with a favourable reputation and dominant position to acquire ore in the region. The team will further grow Vista’s production profile in the short term through the acquisition of high-grade ore from licensed artisanal miners in the region.

With the environmental approval, the plant is now ready for physical inspection for the issue of an Operator’s permit which is anticipated to take a minimum of 10 days. After the permit, the plant will be fully permitted and licensed to commence commercial production, with anticipated completion of commissioning over the coming month.

The Company continues receiving ore material for wet commissioning of the plant over the coming weeks, with over 1,500 tonnes averaging 21.6g/t Au received through 31 December 2018, to establish stockpiles for commercial production.

On 12 September 2018, Titan agreed on non-binding indicative terms and is in the process of finalizing negotiations to acquire up to an 85% ownership interest in the Las Antas gold project, the further update on which will be provided through an ASX announcement.

Looking at the performance of Titan Minerals Limited’s stock and the return it has posted over the last few months, the stock generated a negative return of 39.47% during the past year. The shares settled flat at $0.023, with the close of trading session on 9 January 2019. The company has ~2.56 billion shares outstanding with the market cap of circa $58.97 million.


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