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Oroco Resource Corp V.OCO

Alternate Symbol(s):  ORRCF

Oroco Resource Corp. is a Canadian mineral exploration company. The Company is engaged in the acquisition and exploration of mineral properties in Mexico. It holds a net 85.5% interest in those central concessions that comprise 1,173 hectares (ha) (the Core Concessions) of The Santo Tomas Project, located in northwestern Mexico. It also holds an 80% interest in an additional 7,861 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total Project area of 9,034 hectares, or 22,324 acres). The Project hosts a large, outcropping porphyry copper deposit comprised of fracture-hosted and disseminated copper and molybdenum sulphides with significant gold and silver credits. Its Xochipala Property is comprised of the Celia Gene (100 ha) and the contiguous Celia Generosa (93 ha) concessions. Its Salvador Property is a 100-hectare mining concession, which lies around 25 kilometers (kms) to the west of the Xochipala Property and 30 kms west of Chilpancingo, Guerrero.


TSXV:OCO - Post by User

Bullboard Posts
Post by calicheon Apr 17, 2018 9:42pm
107 Views
Post# 27901990

perfect storm (copper production dropping as demand up)

perfect storm (copper production dropping as demand up)
Freeport to Close Grasberg Mine Operation

TEMPO.COJakarta - The management of PT Freeport Indonesia will close the operation of the open-pit gold mine in Grasberg, Mimika, Papua.

Executive Vice President of PT Freeport Indonesia for Sustainable Development Sony Prasetyo, said that Freeport's production in 2019 will be reduced by 80,000 tons per day from the previous 200,000 tons per day.

"It is a technical condition, the open-pit mine in Grasberg is about to close, and by 2019 it is expected to stop, now it is already cannot be exploited, the only way we exploit it is from below or underground," Sony said in Timika on Monday, April 16, 2018.

Meanwhile, underground exploitation cannot be immediately carried out because there are still issues that must be solved, including the permits. However, if the government gives permission for underground mining exploitation, the result will not be optimal until around 2021 or 2023.

 

 

 

Sony said closing the open-pit mine will affect several things, including revenue. In addition, when he was asked about the possibility of having layoffs, Sony said it will be tough decision to make.

"I have not seen [the possibility for a lay off]. For this company, an employee is a valuable asset, so it will not be easy. It's normal in business to think of efficiency, but as i have said, it will not be easy, moreover for a lay off. It's a longshot," Sony said.


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