Xtract Resources PLC (AIM:XTR) concluded the acquisition of the Chépica Gold & Copper Mine and the Mejillones Phosphate project in Chile in February 2014.
At Chépica, management has targeted on and off reef development to open more areas to mine which has resulted in greater flexibility in achieving a better mining mix and an improved recovered concentrate grade. Volumes have also improved an the mine will deliver profit by the end of Q2 2014. This is further complemented by the implementation of a scoping study at Chépica tailings in order to increase the overall production.
Mejillones has been thoroughly evaluated and Xtract is currently in ongoing discussions in order to bring in a strategic partner on this project.