Lustros Announces Funding for Plant Completion
SANTEE, Calif.--(BUSINESS WIRE)-- Lustros, Inc. (OTCQB:LSLD) announced today that the Company had secured the final funding needed to complete the copper sulfate processing plant in Puerto Oscuro, Chile. This final funding will complete the crushing plant, leaching pads and the remaining work needed on the Sx/Cr plant. The work is expected to take approximately 50 days to complete with revenues from the sale of copper sulfate produced at the plant expected in the next 90 days.
Copper sulfate (CuSO4) is a value-added product derived from copper ore. Demand is increasing rapidly for its use in farming and agriculture. More than 50% of current global production is made from copper scrap that contains toxins (such as Dioxin), which are no longer recognized as food-grade by Canada, Australia and Brazil, with other important consumer countries expected to soon follow. Lustros produces copper sulfate directly from mineral-rich ore, making it an ideal food-grade copper sulfate for use in agricultural purposes. The completed copper sulfate processing plant is engineered to process 180,000 tons of raw material and yield over 8,000 tons of food-grade copper sulfate per year.
Making the announcement Chairman Zirk Engelbrecht said “We are extremely pleased to have secured the funds needed to complete our first copper sulfate production facility. This has been a long process, but we have created a unique, state-of-the-art facility supplied with raw materials from our own mine. It has taken 24 months to complete, but we have built a plant three times larger than our initial plans and have in the interim secured our first tailings project. With the expected cash flow produced by this first plant upon completion, we will be able to finance the construction of a second processing plant capable of processing 25,000 tons per month which will bring our total capacity to 40,000 tons per month.”
About Lustros, Inc.
Lustros, Inc., through its Chilean subsidiaries, is in the business of copper mining and the manufacturing of food-grade copper sulfate. Lustros has a majority equity position in Sulfatos Chile S.A., which owns the Anica Copper Mines as well as a copper sulfate production project and employs a highly experienced staff of mining professionals. Lustros, Inc.’s subsidiary Mineraltus SA is a Chilean corporation that extracts copper from the tailings (waste products) of expired copper mines to secure the raw materials to manufacture high quality, feed-grade copper sulfate.
Safe Harbor Statement
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
Gonzalo Troncoso, CEO
KEYWORDS: United States North America South America Chile California