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Coro placing Berta copper mine in Chile on care and maintenance

Coro Mining Corp. and its major shareholder, Greenstone Resources LP, decided to place the Berta copper-molybdenum mine in Chile on care and maintenance, according to an Oct. 16 release.

The decision comes after Coro decided in April to shift its focus on its flagship Marimaca copper project in Chile and reduce its interest in its SCM Berta unit, which operates the Berta mine.

The move will preserve ore resources and minimize costs while a new long-term strategic alternative for the operation can be determined, the company said.

Coro is considering options for the mine, which include selling the operation as a whole or part to a third-party, consolidating with other local copper producers and developers, or restarting a reconfigured operation at higher copper prices.

The costs associated with the temporary closure, in addition to funds for re-engineering and new resource drilling, are estimated at about US$10 million.

Greenstone agreed to provide an 11-month, US$10 million secured loan facility to SCM Berta in connection with the move. The facility will carry an interest at 12% for the first three months and 15% thereafter.