Quadra FNX Mining Ltd proclaimed the discovery of a significant resource at its Victoria copper and nickel project. The project located in Sudbury is stated to have about 3.4 billion pounds of contained copper with higher than usual grades found in the district.
The press release dated April 19, 2011 from the company said that the inferred resource estimate for their Victoria project has established this deposit as one of the most significant discoveries made in the Sudbury district in the past 40 years, and a key development project for the company.
The president and Chief Executive Officer of Quadra FNX Mining, Paul Blythe said that with an estimated 3.4 billion pounds of contained copper equivalent, this discovery is a tremendous achievement by our exploration team and highlights our bench strength as well as our ability to turn this knowledge into value for our shareholders.
Paul Blythe added that along with Sierra Gorda in Chile, Quadra FNX now has two long-life, low-cost development projects in mining-friendly jurisdictions that will shape the future of our company. The internal scoping study to evaluate the development options had begun in 2010 and the company hopes to begin production here by 2017.
The capital costs for developing the project are estimated to be about three quarters of a billion dollars over a seven-year development period. Having failed to take on State Grid International Development Ltd as a partner to help develop the large copper project, Quadra FNX is now looking forward to finding a new joint venture partner.