UK-based MONTERRICO METALS PLC is currently gearing-up to develop its Rio Blanco copper mine in Peru. As things currently stand, the company is involved in the completion of a project feasibility study that is scheduled for conclusion by March 2005.

According to Ray Angus, MONTERRICO Chief Operating Officer, the total cost to build the Rio Blanco mine has been estimated at $400,000,000. In so doing, the company anticipates raising $100,000,000 in equity and the remaining $300,000,000 is expected to be covered by a syndicate of 4 banks.