Sudbury miner FNX Mining Inc. is planning on more than $100 million in capital spending through 2010 while maintaining a focus on copper-precious metal dominant deposits.
This total includes an operational budget of $75.2 million, with an additional $15.7 million to be spent on exploring for new deposits and discoveries on the company's Sudbury properties.
Exploration spending at FNX's mining properties is set to reach $13.3 million. This will primarily be used for near and mid-term mine planning and development, and to increase reserves and resources around existing deposits.
Production projections are being set at 891,000 tons of ore, up 31 per cent from 2009. This will include 48.1 million pound of copper, 7.7 million pounds of nickel and 74,500 ounces of combined platinum, palladium and gold.
FNX suspended production from its nickel-dominant deposits in 2009, which will likely continue through 2010. However, "that opportunity remains under active consideration and will be assessed on a quarterly basis," according to a company release.
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