Mitre Mining Corporation Limited
MMC.AX
Australian Securities Exchange0.99
AUD
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Mitre Mining Corporation Limited
MMC.AX
(Australian Securities Exchange)
Recent
price
0.99
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div
yld
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ROIC.AI
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- Business
- Mitre Mining Corporation Limited (ASX:MMC), formerly known as Mitre Mining Corporation Limited and rebranded to Andean Silver Limited (ASX:ASL) in July 2024, is an Australian mineral exploration and development company focused on precious metals projects. The company holds a 100% interest in the flagship Cerro Bayo Silver-Gold Project and the adjacent Los Domos Project, both located in the Aysén region of Southern Chile; Cerro Bayo features indicated and inferred mineral resources of 9.8 million tonnes at 353 grams per tonne silver equivalent for 111 million ounces silver equivalent, including a ready-to-go underground and open pit mine with over $150 million in existing infrastructure such as a 500,000 tonnes per annum flotation plant, underground mines, power network, offices, and workshops previously producing more than 45 million ounces of silver and 650,000 ounces of gold over 15 years of operation. It also explores for gold and base metals in Australia. Founded in 2020 and headquartered in Melbourne, Australia, with operations centered in Chile, the company targets high-grade silver-gold mineralization across more than 300 square kilometers of mining claims in the prospective Deseado Massif region. Recent major developments include the acquisition of the Cerro Bayo Silver-Gold Project from Equus Mining in early 2024 for A$5 million, funded by an A$8.3 million placement and subsequent A$10.5 million capital raising to support rapid resource growth and drilling programs; completion of maiden drilling targeting resource extensions, resource updates, and near-mine exploration; a strategic partnership with the Chile Chico municipality and local community to preserve archaeological sites near the project; issuance of new shares for ASX quotation to bolster its capital structure; and the corporate name change to Andean Silver Limited to reflect its focus on advancing the Chilean silver-gold assets.