Panterra Gold signs JV with Cuban mining company. Photo: Ju Ostroushko
PanTerra Gold Limited (ASX: PGI) of Australia has announced that the Cuban Government has approved a Joint Venture (JV) between its mining company, Geo Minera SA (“GMSA”) and PanTerra Gold Investments Limited (“PGIL”) to develop GMSA’s La Demajagua refractory gold/silver deposit on the Isle of Youth in the south of Cuba.
The development will be undertaken by the Cuban company, Minera La Victoria SA (“MLV”) in which a GMSA subsidiary will hold a 51% shareholding, and PGIL 49%. The incorporation of MLV and registration of the Joint Venture Agreement is expected to occur by June 30, this year.
PGIL is a subsidiary of PanTerra Gold Limited and is registered in the Cayman Islands.
After feasibility studies, MLV will develop an open-pit mine to produce approximately 60,000 tonnes per year of concentrate with an anticipated grade of around 47 grams per tonne of gold and 380 grams per tonne of silver (based on metallurgical tests).
PanTerra Gold’s mining consultants have finished a detailed review of the 55,000 m of drilling at La Demajagua, gold and silver deposit in Cuba which was previously completed by Canadian exploration companies.
The mining project is expected to last six years but could stretch for a further ten years with an underground operation.
MLV is expected to start a pre-feasibility study into the La Demajagua project as soon as Covid-19 pandemic restrictions subside.
PanTerra estimates the study would cost approximately $1.2-million and would be completed in approximately ten to 12 months.
GMSA’s subsidiary will be credited with US$13.5 million of share capital in MLV (51%) for the transfer to MLV of GMSA’s mining concession for the open pit operation.
From our staff writers and editors.
WestJet CEO Alexis von Hoensbroech met Wednesday with Cuban President Miguel Díaz-Canel in Havana, a high-level meeting…
Cuba is ramping up efforts to address energy shortages through the expansion of photovoltaic solar…
Renowned Cuban pianist Marcos Madrigal has been named Chevalier de l’Ordre des Arts et des Lettres by…
Russia will provide funding of $1 billion dollars for investment projects in Cuba, according to…
Cuba’s Foreign Affairs Minister Bruno Rodríguez Parrilla met with China's Foreign Minister, Wang Yi, on…
Yesterday saw the opening of Cuba’s International Tourism Fair (FITCuba 2025) in Havana. The event,…