Maximize shareholder value through the identification, acquisition and development of copper assets with significant size potential in attractive political and economic environments.
AQM Copper Inc. is a Canadian and Peruvian-listed mineral exploration and development company whose principal purpose is the acquisition and development of base metal deposits in South America. The Company was incorporated in British Columbia on March 24, 2005 and commenced trading on the Toronto Venture Stock (TSX-V) Exchange on November 29, 2006 and the Bolsa de Valores de Lima (BVL) on August 7, 2008.
AQM targets projects where there is a clear development or value adding strategy, with appropriate infrastructure and identifiable development partners. The Company is well positioned to be the junior mining company partner of choice with major mining companies by reducing the exploration risk profile through AQM's transparent and professional execution of work programs.
The Company's main focus is on developing the Zafranal Project, which is located in the prolific Southern Peru Copper-Porphyry Belt. Through its wholly-owned Peruvian subsidiary, Minera AQM Copper Peru S.A.C.1 (AQM Peru), AQM Peru is the operator of the Zafranal Project in a 50/50 joint venture, Compaia Minera Zafranal, with Teck Resources. Under the terms of the JV Agreement, Teck has the option of becoming the operator of Zafranal at the time a construction decision is made by the partners. The Zafranal Property consists of approximately 34,000 hectares comprises 43 concessions and two mining claims. The Company continues to explore other targets in the area.
The Zafranal Project is in a great location with power nearby, good road access, available workforce, an elevation below 3,000m and approximately 80 kms from tidewater and port facilities. Since 2010, over 138,000 meters have been drilled at Zafranal, which includes the Main Zone, Victoria, Sicera Sur and Sicera Norte zones. In December 2012, a Technical Report and Preliminary Assessment (2012 PEA) Report was released that included the Main and Victoria Zones. The 2012 PEA outlines the plans and the preliminary economic assessment for a 15 year mine based on concentrator throughput at a rate of 80,000 tonnes per day. Please see more details under "Projects".
Through its wholly owned Chilean subsidiary, Sociedad Contractual Minera AQM Copper Chile, (AQM Chile), the Company has a partnership with Minera S.A., the operator of the Antakena Joint Venture, currently developing the Elenita Property. Elenita is a near surface, leachable copper oxide deposit in the prolific copper belt of Northern Chile, where almost 40% of the world's copper is produced. Since 2010, AQM has elected not to contribute further to the project, while Minera has continued to incur expenses, thereby diluting AQM's interest in Antakena and the Elenita Project. In the event that Minera arranges third party financing, AQM's interest will decrease by 10% immediately. Once AQM's interest falls below 10%, the Company's interest will be converted to a 5% Net Profits Interest.
Management and Directors of AQM have extensive experience working for some of the world's largest mining companies, as well as several junior exploration companies. AQM Copper Inc. has offices in Lima and Arequipa, Peru and Vancouver, Canada.
1 A Subscription Agreement has been signed between AQM Copper Inc., Minera AQM Copper, S.A.C. (MAQM) and Mitsubishi Material Corporation (MMC) whereby MMC has subscribed for shares in MAQM such that MMC will hold a 40% interest in MAQM.