China Natural Resource (CHNR) completed the acquisition of Planta Metalurgica Antay Pacha S.A. Antay Pacha proposes to operate a copper smelting plant in western Bolivia. The plant is substantially constructed, and Antay Pacha is completing the licensing and permitting processes. It is anticipated that a trial run will commence in the second quarter of 2017 and that commercial production will commence in the fourth quarter of 2017. Once fully operational, the plant has a designed annual production capacity of 3,000 metric tons (mt) of copper cathodes.
“We are excited about the prospects of adding a copper smelter to our mining operations in the PRC and believe that Bolivia, a country abundant in various natural resources, offers us the opportunity to diversify our operation,” said Wong Wah On Edward, CEO, CHNR. “We will continue to explore new businesses opportunities to contribute to revenues and enhance shareholder values.”
The $1.5 million purchase price includes $1.4 million of debt that is payable upon demand.