Photo: Astur Gold
An as-of-yet-untapped gold field on the northern coast of Spain, the Salave Project is on its way to being mined by Canadian company Astur Gold Corp, according to Bloomberg (via Paul Kredrosky).The field, developed 2,000 years ago by the Romans, is said to contain roughly two million ounces of gold, which has seen its futures double over the last three years.
Astur first secured the rights in 2010 but its mining licence was turned down by the previous Socialist administration. The newly elected President Emilio Hormaeche is expected to accept the new request by 2012.
A new $180 million dollar mine project is proposed for the project. The Vancouver-based Astur can expect to make those numbers back quickly, with gold prices currently at $1,750 an ounce. Astur will look to pull in 135,000 ounces of gold per year.
Another nearby project, Orvana Mineral Corp’s Boinas site, was said to be the biggest in Europe, able to churn out 100,000 ounces per year.
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