Quadra Mining CEO and President Paul Blythe told shareholders last week that the new Carlota open pit copper mine [right: credit Quadra Mining] in the Pinto Valley west of Miami should begin to produce copper cathode by the last quarter of the year.
Carlota has reserves of 77 million tonnes at 0.45% copper. The mine should produce 66 million pounds of copper per year. The mine employs 153 but expects to be at 230 by the end of the quarter according to a story in the Copper Country News. The paper also reports that recent price increases for fuel and acid, the life of mine cash cost of copper produced is estimated at about $1.40 per pound, which is up from the company's previously estimated cost of $0.99.
The company expects the cost of developing the mine will be within 5% of the original budgeted construction cost of $218 million. They report having $305 million in cash on hand at the end of March.
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