Bisha Mining Share Company is very pleased to announce that it has entered into metal sales contracts for its future gold ore and copper concentrate production at the Bisha Mine in Eritrea. Pricing for all metals will be fixed at spot rates at the time of delivery.
The gold will be refined in Switzerland and Canada by two major international companies while the copper concentrate will be shipped to major smelters in Europe and India.
Production is currently scheduled to commence during autumn of 2010. Gold production within the first two years is estimated at approximately 900,000 ounces of payable metal, followed by over 500,000,000 pounds of payable copper in years 3-5, plus an additional 1 billion pounds of payable zinc and 200,000,000 pounds of copper in years 5-10.
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Although this is good news! We need to learn to refine the metals in Eritrea in order to further build our industry.
Give it time and it will happen! Great to hear that Eritrea is developing a new industry, from scratch. I am sure Eritrea will reach this target successfully!