AABB targets Mexico mineral opportunities
Asia Broadband (AABB), through its wholly owned subsidiary Asia Metals, has announced the signing of a Letter of Intent (LOI) to acquire a high potential mineral property in the state of Colima, Mexico.
Located in a prolific iron-copper-gold production area approximately 25 kilometres east of the Pena Colorada mine in Minatitlan, Mexico, the property is advantageously located with direct access to main Highway #3. The 100-hectare property also has a natural water supply, a statement adds.
AABB explains that the Colima property is strategically viewed as a diversification acquisition and is situated in a region where the company has a comparative advantage of development resources and expertise readily available to rapidly develop the project.
The statement adds that the company is conducting its final stages of due diligence in preparation to complete the property acquisition agreement.
AABB recently added a mine and property in Colombia to its portfolio and is continuing with its gold mine acquisition campaign targeting properties in South America, Central America and Mexico, which have high development potential and historic gold production.
The focus of the campaign is to duplicate the successful acquisition model of the Company's existing high-density, shallow gold mine property in Guerrero, Mexico, that has known historical gold vein structures. AABB is currently directing a full-scale development and production expansion of its mine
Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.