Mexican precious metals mining company Fresnillo and Canadian silver miner MAG Silver have received a nod from their boards to develop the silver and gold Juanicipio project owned by Minera Juanicipio, their joint venture (JV) company.
Exploration and development works are being carried out by Fresnillo at the JV property, located in the Fresnillo District, Mexico, which has an initial life of mine of 12 years.
Construction on the Juanicipio project, with a total investment of $395 million, is set to start with immediate effect and completion is expected late next year, subject to finalising detailed engineering and securing remaining permits.
The project, expected to create about 2,750 jobs at the time of construction and 1,720 jobs once at full production, will have a total average annual anticipated production of 11.7 million ounces of silver, 43.5 thousand ounces gold.