Orovero Resources (OVR.V) has announced an update on its plans to start a toll milling business in Peru. First of all, the company wants to increase the initial throughput to 100tpd, up from a first plan of 50-75tpd as a 100tpd plant enjoys more economies of scale and will run more efficiently. As the company wants to make sure it’s building the mill on the right location, an scoping study for internal use has been commissioned, which should be ready later this semester. One part of this study will be solely focused on mapping artisanal activity in the country and ore flow patterns. Based on this study, Orovero will be able to make an informed decision on where to build its first mill.
The company also announced it canceled the financing agreement with Global Resources Investment Trust out of London, and it has terminated the letter of intent with Inca One Resources (IO.V) to form a 80/20 joint venture.
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