New copper mine project needs P1bn to start

According to the results of the study, the project could support a two-million-tonne-a-year operation, to produce around 21,800 tonnes/year of copper and 665,000 ounces/year of silver, for nearly a 10-year mine life.

ASX-listed MOD Resources reported on Wednesday that the estimated capital investment of $135-million (P1.08 billion) would translate into an outlay of $94.5 million for MOD, which has a 70% interest in the project. The remaining 30% in the project is owned by Metal Tigers.