Mineração Vale Verde (MVV) has completed developing 60pc of its open pit copper mine, Serrote, in Alagoas, Brazil.
In an announcement on Tuesday, the company indicated it had completed its first blast and that the project was on schedule to commence operations in the first half of 2021. According to the mine’s definitive feasibility study (DFS), Serrote has an annual production capacity of 20,000mt of copper concentrate.
Owing to the DFS, Appian has undertaken to fund the capex for the project. The mine will employ 1,500 workers and currently has an operating life of 14 years. MVV is also in discussions about closing a $160mn loan from a project finance bank.
MVV is also evaluating the on-site processing of copper cathode production.
The mine currently holds less than 68mn mt of oxide resource which includes 0.5pc concentrated copper, according to the DFS.
The project will now undertake the construction of a tailings storage facility and conveyance system tunnel to ensure proper movement of accumulated water and concentrated materials respectively.