By Samuel Williams
BNamericas (Chile)
Toronto-based Primero Mining has cut its 2013 capex budget for the Cerro del Gallo gold-silver-copper project in Mexico’s Guanajuato state by up to 75% — but the project’s timeline is unaffected.
Primero plans to spend US$15mn on the project this year, the company said in a statement, compared to US$50-US$60mn announced after the Cdn$119mn (US$116mn) acquisition of former owners Australia-based Cerro Resources in May.
The reduced budget will take the project to a construction decision, Primero said, and the company expects to complete all outstanding permitting, land acquisition, basic engineering of the mine and processing facilities and a preliminary exploration program in 2013.