SANTA ROSALIA, Mexico, Jan. 26, 2015 /PRNewswire/ -- Minera y Metalurgica del Boleo (MMB) obtains its first copper production from the process of crushing, leaching, extracting and electrowinning in its mine-metallurgic project "El Boleo".
The company is lead by a group of Korean companies headed by Korean Resources Corporation (KORES) with 90% ownership and Baja Mining retaining 10% ownership.
MMB is very happy and proud to obtain this first copper production. "El Boleo" is the effort of hard work for over 4 years. Since receiving financing in 2010 for starting the construction of the process plant and finished at the end of the last year; in 2012, MMB changed its management, the Korean Consortium increasing its participation in the company and in September 2014, Minera y Metalurgica del Boleo suffered a tragic blow, two Korean Directors died during the hurricane "Odile". After all these difficulties, they have finally achieved the most important milestone of the Company, its first copper.
A major highlight of this project was the investment of around of $2.0 billion dollars; which has never occurred for any unitary company, for the creation of a new mining operation in the Baja California Sur state.
The annual production capacity of copper is 51,000 tons of copper cathodes with a 99.99% of purity, of metallic cobalt is estimated in 1,700 tons per year and zinc sulphate is around 25,000 tons each twelve months. Due this production volume, "El Boleo" project will place again Santa Rosalia as a mining town, Baja California Sur as the second copper producer at national level and as a first metallic cobalt producer in Mexico. The minimum lifetime of the mine is estimated in 22 years.
MMB has already a production estimation for this 2015; it is considered the production of 24,000 tons of copper, 8,000 tons of zinc sulphate and 600 tons of metallic cobalt. "El Boleo" is a water and energy self-sufficient project, since they produce their fresh water through desalinate plants and in the energetic aspect they produce their own energy through motors generators and a steam turbine, so, they will not affect the resources designated for the population.
MMB nowadays develop more than 1,000 direct jobs, being the 65% natives of Santa Rosalia. It is important to remark, that MMB has high responsibility levels in the care of the environment and the company have been characterized by develop high standards in the carefulness of our economic, environmental and social surroundings.
Minera y Metalurgica del Boleo (MMB) owns a project of copper, metallic cobalt and zinc sulphate. MMB is financed by a Korean Consortium headed by KORES (90%) and Baja Mining (10%). MMB is located in Santa Rosalia, Baja California Sur, Mexico and until now has generated 1000 direct jobs. Has a capacity production of 51,000 tons of copper, 1,700 tons of metallic cobalt and 25,000 tons of zinc sulphate. For more information visit www.mmboleo.com
SOURCE Minera y Metalurgica del Boleo