Copper Bay is a Chilean-focused company with an environmentally friendly business plan – to produce metals from polluting, toxic and otherwise undesirable waste products, and to leave behind a cleaner, safer environment.
The Company was established in 2010 to develop the Chañaral Bay Copper Project in Chile, where significant copper, gold and molybdenum resources have been deposited. Copper Bay aims to process and to remove the pollutants from the historic mine waste (tailings) that originated from nearby copper mines and have been deposited in the Bay.
In November 2013, Central Asia Metals plc (CAML) invested £2 million (US$3.4 million) to acquire a shareholding of 50% in Copper Bay. These funds were used to finance a Pre-Feasibility Study (PFS) to prove up the potential of the Project and which was completed in June 2015.
Subsequent to the completion of the PFS, CAML exercised its right to invest a further US$3 million to take their holding in Copper Bay to 75%. These funds will finance further studies with the aim of upgrading the PFS to the level of a Definitive Feasibility Study (DFS) which is expected to be completed in 2016, following which CBL expects to move forward with detailed engineering and construction of the necessary plant and equipment, aiming to commence production in 2018.
The Project is expected to make a significant net positive impact upon the environment in the Bay and the adjacent town of Chañaral.