The cash position increased to A$834,377 from $71,548 due to the receipt of A$6.6mln following the sale of the company’s interest in the Los Calatos project, and as a result of additional fund raisings amounting to A$2.2mln net, and the exercising of A$700,000 of convertible notes.
Cash outgoings for the period were focused on the continued development of the Miraflores gold project on the wider Quinchia licences in Colombia.
Expenditure for the year was focused on the Miraflores feasibility study, including an updated JORC 2012 Mineral Resource estimate, as well as the mining study, metallurgical test work, evaluation of processing options, infrastructure work towards completion of the Feasibility Study and the preparation of the Environmental Impact Assessment.
The release of a feasibility study on 30 October 2017 confirmed the robust economics of the Miraflores project.
Metminco’s portfolio of assets includes the Quinchia project in Colombia and the Loica, Vallecillo and Mollacas projects in Chile.
The company focussed its full attention on the Miraflores Project at Quinchia while the Chilean assets remained on care and maintenance throughout 2017.