Minefinders: Analyst Day at the Dolores Mine

by: Mike Niehuser posted on: March 02, 2007 | about stocks: MFN

We attended the first of two Minefinders Corporation Ltd.’s (MFN) “analyst day” visits to the Dolores Project near Chihuahua, Mexico. Construction of the project is substantially underway and it is presently on time and on budget.

The budget for the project is about $132 million of which approximately $10 million is in contingency. The project coordinator reported that about $90 million has been spent or locked in by contracts securing delivery and alleviating potential price escalation. This covers most all critical items including heavy equipment and construction materials. The remaining balance is primarily working capital or other available supplies and materials. The company is working to complete the project in advance of heavy seasonal rains in July and August. They are scheduled to begin stripping the deposit and stockpiling ore in mid-March. The company anticipates being fully operational by the end of the summer with its first pour scheduled for September followed by a grand opening in October of 2007.