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Materials
In a significant development for the mining industry, Denarius Metals Corp. has officially initiated mining activities at its Zancudo gold and silver project located in Colombia. This milestone marks a crucial step for the company as it transforms from an exploration-focused entity into a gold and silver producer. The commencement of mining operations at Zancudo not only underscores the project's strategic importance but also highlights Denarius Metals' commitment to advancing its projects in Colombia and Spain.
The Zancudo Project is situated in the Cauca Belt, specifically in the Municipality of Titiribí, Department of Antioquia, Colombia. This region is renowned for its rich mining history, dating back over 250 years. The project encompasses three adjoining mining concession contracts and one exploration license, covering a total area of 1,054 hectares. The site includes the historic Independencia Mine, which has been a focal point of mining activities since the 18th century. Historically, the Sociedad de Zancudo operated the mine for nearly a century, from 1848 to 1948, with the most significant mining occurring between 1863 and 1927[4].
Previously owned by Gran Colombia Gold (now part of Aris Mining Corporation), the Zancudo Project was optioned to IAMGOLD Corporation in 2017. However, IAMGOLD decided not to proceed with its earn-in in 2022, allowing Denarius Metals to acquire full ownership of the project. Denarius has since been working diligently to advance the project, conducting extensive drilling programs and securing necessary permits[1][4].
Denarius Metals received approval for its Environmental Impact Study (EIS) from local authorities, paving the way for the commencement of mining operations. The project is expected to yield significant returns, with estimated resources of 4.1 million tonnes grading 6.5 g/t gold and 107 g/t silver, equating to 860,000 ounces of gold and 14.1 million ounces of silver[1][4].
A key factor in the project's success is Denarius Metals' strategic partnership with Trafigura Pte. Ltd. An eight-year offtake agreement ensures that 100% of the gold-silver concentrate production will be sold at market prices, providing a guaranteed revenue stream. Additionally, a $9 million prepayment financing arrangement with Trafigura has been secured to support construction activities at the Zancudo Project. This financing structure includes an initial payment of $2.5 million and additional instalments as specific milestones are achieved[3][5].
The mine contractor has begun developing the site, focusing on opening four primary mining fronts over the next four to six months. Early production is already underway in accessible areas, with ore being stockpiled on-site. Deliveries to Trafigura are slated to commence by the end of April 2025. All necessary processing plant equipment has been received and stored at the project site, with earthworks and plant installation planned for the summer. The facility is expected to be operational by the fourth quarter of 2025[2][3].
Denarius Metals is also advancing its Aguablanca project in Spain, a zinc-lead-silver mine. The European Commission has recognized Aguablanca as a strategic project, underscoring its potential impact on the region's mining sector. With both Zancudo and Aguablanca poised to enter operation within the next 12 months, Denarius Metals is set to establish itself as a significant player in the global mining industry[5].
While the commencement of mining at Zancudo marks a significant achievement, Denarius Metals has faced and overcome several challenges, including delays in permitting and licensing. The company has enhanced its financial liquidity through strategic financing arrangements and partnerships, ensuring the successful advancement of its projects. The current strong gold and silver market provides an opportune environment for the company's entry into production, offering potential for substantial growth and returns for investors[2][5].
In summary, the initiation of mining operations at the Zancudo Project in Colombia represents a critical milestone for Denarius Metals Corp. As the company transitions into a producer, its strategic positioning, operational advancements, and partnerships are poised to drive growth not only in Colombia but also in Spain. The news bodes well for Denarius Metals' future and highlights the strategic importance of the Zancudo Project in the broader mining landscape.
