Denarius Metals has made significant progress by commencing mining operations at its Zancudo Project, located south of Medellín, Colombia. This gold-silver deposit, known for its high levels of mineralization, is the first in the Canadian company’s portfolio.
With concentrate production expected to begin in the second quarter of 2025, the company is preparing for a new phase of growth.
Mining in Zancudo has been boosted by the strong rebound in gold and silver prices, which has motivated Denarius Metals to accelerate its activities. Over the past year, the company obtained all the necessary permits, including the mining license and approval of its environmental impact study (EIS). These achievements have been key to advancing the construction of the processing plant, which is expected to begin operations in the fourth quarter of 2025.
The Mosquito Project is progressing at a good pace
The company’s mining contractor has begun opening the project ‘s primary mining faces, while ore extraction is underway in accessible areas. In parallel, earthworks are being prepared for the installation of the processing plant, which is expected to be ready to produce gold and silver concentrates by the end of this year .
Ore deliveries are expected to commence shortly, with Trafigura Pte. Ltd. as the buyer under a sales and purchase agreement signed in early 2024.
Denarius Metals has also demonstrated its ability to attract investment amid challenges, securing $20.3 million in financing in 2024 through private placements and royalty agreements. The company remains focused on long-term growth, aiming to generate cash flow from Zancudo and its other project in Spain, Aguablanca, which is expected to come online in the next 12 months.
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Source and photos: Denarius Metals
