Canadian mining firm Medoro Resources plans to invest between $30 million and $40 million over two years in the recently purchased Frontino goldmines, located in the central Colombian Antioquia department, Reuters reported Thursday.
Medoro manager Juan Manuel Pelaez said the company would seek to list its shares on the Colombian stock market within four months.
Although only one of Frontino’s three goldmines is currently in production, with an output of 44,000 ounces in 2009, the company is among Colombia`s largest gold producers. Located in Antioquia, between Segovia and Remedios, around 200 kms from department capital Medellin, Frontino has been running for over 150 years.
Medoro has been very active in the Colombian gold market. It owns mineral rights to the Zona Alta and Echandia properties in Colombia`s Caldas province and earlier this year acquired Colombia Gold and Mineros Nacionales.
In 2009, Colombia produced 1.57 million ounces of gold, a figure that the country`s Geological and Mining Institute predicts could double in the next two years.