Mar. 7 (Bloomberg)-Ecuacorrientes SA, an Ecuadorean miner owned by Corriente Resources Inc. (CTQ), plans to invest $1.72 billion in its Mirador copper project in the South American country to achieve full production.
Mirador will have an ore-processing capacity of 60,000 tons per day by the end of 2016 and produce about 354,000 tons of copper concentrate annually, Corriente's parent company, China Railway Construction Corp. (601186), said in a Hong Kong stock exchange filing yesterday.
Ecuador's Non-Renewable Natural Resources Minister Wilson Pastor said last week the company would need $1.4 billion to produce about 60,000 metric tons per year.
Vancouver-based Corriente is 50-50 venture of China Railway and Tongling Nonferrous Metals Group Holdings Co. (000630), China's second-biggest copper producer.