Glencore will retain priority over the operations of the Horne 5 project. Falco must make financial assurances, guarantees, and indemnification to Glencore to cover risks and losses to the smelter. Glencore retains the right to require remediation, suspension, or other risk mitigation to protect the Horne smelter.
The successful completion of the OLIA combined with life-of-mine copper-zinc concentrate offtake agreements with Glencore allows Falco to advance its Horne 5 project, said Falco president and CEO Luc Lessard. The company is moving forward with permitting and financing for the project.
The Horne 5 mine is to be developed below the historic Horne mine, which was operational from 1927 to 1976 and produced 11.6 million oz. of gold and 2.5 billion lb. of copper. The environmental impact assessment is currently under review.
As per the 2021 feasibility study, the Horne 5 project has proven and probable reserves of 80.9 million…
