If you have access to OneMine as part of a member benefit, log in through your member association website for a seamless user experience.
|In May, 1966, the General Services Administration (GSA) announced a program to encourage additional domestic production of copper in the interest of national security. Upon learning of the copper production expansion program, Duval Corporation entered into negotiations with GSA for development of the Sierrita copper-molybdenum property under the program. Agreements between the GSA and Duval Sierrita Corporation, a wholly owned subsidiary of Duval Corporation, were concluded in 1967, with the Sierrita Concentrator beginning operation in 1970 at a designed capacity of 72,000 STPD. Subsequent additions and modifications have expanded capacity to 90,000 STPD. This property, located approximately 20 miles south of Tucson, Arizona, represents an investment including working capital of about $200 million. These funds were provided from an $83 million loan from GSA, repayable in copper valued at 38 cents per pound, $48.75 million of bank loans subject to U. S. Government V- loan guarantees, and Company capital contributions. Current general operating statistics for the concentrator are listed below: Ore Grade 0.32% Cu., 0.030% Mo. Daily Tons Milled 90,000 STPD Annual Copper Production 94,600 Tons Annual Molybdenum Production 15,000,000 Lbs. Annual Silver Production 1,135,000 Ounces|