ICM plans sale of flagship Peruvian mine

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The Independent Online

International Consolidated Minerals (ICM), the AIM-listed mining group, plans to invest $100m (£50m) in its flagship Peruvian mine over the next two years, and then sell up for more than $1bn.

Greg Smith, ICM's executive chairman, chief executive and founder shareholder, said the company had retained Credit Suisse to examine business options, including a sale. It is understood that his favoured option is to fund the addition of a second mill at the Pachapaqui mine, which would take production of copper, zinc, silver and lead from 1,500 tons per day to 9,000. This would be funded from cashflow generated by the first mill, which will be fully operational in six months.

ICM has already received interest from major miners around the world, but it is understood that Mr Smith believes he will get a better price once the potential of the mine is proven.