West Perth-based Eldore Mining Corporation has acquired a 100 per cent interest in the Baita copper mine in Romania for €15 million ($21 million).
Eldore plans to re-establish mining operations and commence drilling programs at Baita, which has been closed since last year due to financing problems.
"On completion of the drilling program the Company then plans to upgrade the production facility and plant capacity up to 200,000 tons per annum, thereby extending the mine life, subject to a satisfactory outcome of the drilling program," Eldore said in a statement.
The company said recent drilling indicated the existence of additional mineralisation at the mine, which has a rated throughput capacity of 120,000 tonnes per annum, with its production peaking in 2004 at 100,000 tonnes.
Eldore shares slipped 15 per cent today, closing trade at 1.1 cents.
