Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX: MARI) is pleased to
announce results from a recently completed study by leading
research & consultancy firm, Wood Mackenzie (
“Wood
Mac”), examining Marimaca Copper’s expected carbon
emissions targets during the development and operation of the
Marimaca Oxide Deposit
(the “MOD” or the “Project”) (the
“Study”).
The Study confirms the validity of the Company’s
target to deliver a world-class ‘green copper’ project with
industry-leading carbon emissions.
Highlights:
- Marimaca
Project benchmarks in 1st
quartile of global copper mine site emissions intensity
assuming the Project’s power is from renewable energy
sources
- When Scope
3 emissions are included (transportation and smelting) the MOD’s
carbon intensity per tonne of refined copper is expected to be in
the lowest 10% of all copper projects globally
- The Atacama
Desert has one of the highest average solar irradiances in the
world
- The MOD is
well-positioned to benefit from opportunities to partner with
several regional solar power developers under the progressive
Chilean legislative framework which supports renewable
development
- Early
engagement with large scale energy utilities has confirmed that
Marimaca is expected to be able to source 100% renewable energy
from the national electricity grid in northern Chile
- The Wood
Mac Study confirms SX-EW processing method is, on average,
approximately 38% less carbon intensive per tonne of refined copper
when compared to traditional concentrate smelting and
refining
- SX-EW
copper contributes only ~16% of global refined copper supply in
20201 demonstrating high scarcity
value of the MOD in the context of low carbon intensity
copper
- The
Project’s location within 25km of the Port of Mejillones and 40km
from Antofagasta reduces execution risk associated with logistics,
personnel, and transport, and limits the associated energy
intensity requirements of each
Hayden Locke, President & CEO of Marimaca
Copper, commented:
“Sustainability is now one of the most important
considerations for new mine developments and has been a core focus
for us in advancing the Marimaca Project. We have always believed
the MOD would be at the low end of the emissions spectrum for the
industry and Wood Mackenzie’s work has validated that view. This is
yet another standout feature of a very unique copper development
project in the MOD.
“As we have seen recently, many companies and
investors are placing a premium valuation on those projects which
can deliver a reduced carbon profile. Marimaca has the potential to
be industry leading on this front, complementing its many other
unique features. We are commencing the infill drilling campaign at
the MOD and planning an infill campaign for the MOD Depth
extension, with the goal of commencing our Feasibility Study on the
back of an upgraded resource in 2022.”
Summary Overview of Wood Mackenzie
Report
The Study utilised Marimaca’s operating and
infrastructure plan as outlined in the 2020 Preliminary Economic
Assessment (“PEA”) (see August 4, 2020
news release). The Marimaca Project will benefit from
solvent extraction and electrowinning processing infrastructure
(“SX-EW”), producing a grade A copper cathode end-product.
The SX-EW processing method eliminates the
requirement for smelting and refining of copper concentrates,
reducing the overall carbon intensity per unit of copper
production, on average globally, by 38%. SX-EW-produced copper
remains a relatively scarce primary source, contributing only ~16%
to total global refined copper production in 20201.
Figure 1. Average emission intensity by
product, Kg CO2-e / t CuEq – Concentrates vs. SX-EW
Cathodehttps://www.globenewswire.com/NewsRoom/AttachmentNg/a99580f9-16e4-4054-b4bc-5cfb60d30e7c
Focusing on only Scope I and Scope II emissions
(“mine site emissions”), Marimaca benefits from
very favourable regional infrastructure and energy access and
potential energy mix. Marimaca’s existing metallurgical test work
has confirmed the viability of utilising direct-fed seawater for
its processing infrastructure, eliminating the requirement for a
fresh water source from either groundwater or capital and energy
intensive desalination plants.
Additionally, the Project is favourably located
to access regional solar power generation. Early engagement with
several major energy utilities in the Antofagasta region has
confirmed that Marimaca is expected to be able to source 100% of
its electrical power from renewable sources from the national
electricity grid. Based on Wood Mackenzie’s analysis, Marimaca’s
Scope I and Scope II emissions benchmark extremely favourably among
global copper producers, placing the Project in the 1st quartile of
mine site emissions intensity.
Source: Marimaca PEA, Wood Mackenzie carbon
emission tool. Analysis assumes Project power requirement is
sourced from solar provider.
Figure 2. 2025 Scope 1 and 2 emissions
intensity by copper mine site, kg
CO2e per tonne of
CuEqhttps://www.globenewswire.com/NewsRoom/AttachmentNg/32383a7e-54a2-41a2-b782-9468c5b3110c
An estimated 84% of the world’s copper is
currently produced as concentrates, which require additional
smelting and refining to produce high purity copper. Wood Mac
estimates, all else being equal, that this adds an additional 60%
to the copper emissions of those projects copper production, which
is not captured in the emissions curve shown in Figure 2.
As a result of producing grade A cathode
directly, on a carbon intensity per tonne of refined copper
produced basis, Marimaca’s position is further improved from its
1st quartile position. Based on this, the Company expects that its
carbon intensity on a per tonne of refined copper product basis,
would move the MOD towards the lowest 10% of the global copper
industry.
Contact InformationFor further
information please visit www.marimaca.com or contact:
Tavistock +44 (0) 207 920
3150Jos Simson/Oliver Lamb / Nick
Elwesmarimaca@tavistock.co.uk
Forward Looking Statements
This news release includes certain
“forward-looking statements” under applicable Canadian securities
legislation. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made and are based upon
a number of assumptions and estimates that, while considered
reasonable by Marimaca Copper, are inherently subject to
significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and
unknown, could cause actual results, performance or achievements to
be materially different from the results, performance or
achievements that are or may be expressed or implied by such
forward-looking statements and the parties have made assumptions
and estimates based on or related to many of these factors. Such
factors include, without limitation: risks related to share price
and market conditions, the inherent risks involved in the mining,
exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
geological data, fluctuating metal prices, the possibility of
project delays or cost overruns or unanticipated excessive
operating costs and expenses, uncertainties related to the
necessity of financing, the availability of and costs of financing
needed in the future as well as those factors disclosed in the
annual information form of the Company dated March 29, 2021, the
final short form base prospectus and other filings made by the
Company with the Canadian securities regulatory authorities (which
may be viewed at www.sedar.com). Accordingly, readers should
not place undue reliance on forward-looking statements. Marimaca
Copper undertakes no obligation to update publicly or otherwise
revise any forward-looking statements contained herein whether as a
result of new information or future events or otherwise, except as
may be required by law.
Neither the Toronto Stock Exchange nor the
Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this
release.
1 Source: International Copper Study Group World
Copper Factbook 2021
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