Essex Holdings Inc. expands the company portfolio
Significant financial investments have been made by Essex Holdings Inc. to secure the rights to mine 3200 Hectares of mineral reserves, enabling Essex Holdings to expand even further the company portfolio of acquisitions. The first large scale venture that Essex Holdings will be embarking on is Project SS-Xavier which is located to the North West of Chanaral City, in the mineral rich region of Atacama/Chile. The entire 3200 Hectares of Project SS-Xavier are positioned within the mineral bodies of the regions fault belt where a high concentration of iron ore (62 % + FE), copper and gold have been ascertained to exist. On the 30th of September 2011 Essex Holdings submitted the environmental report statement for one of the target areas of project SS-Xavier to the Chilean Ministry for Environment approval of the 18.9 million US$ project. The project will be subdivided into 5 key mining areas namely SS-Xavier I-V. The project costing is to cover expenditure occurred in pit 1 and 2. The work is already in process with operations and extraction beginning in February 2012, with initial extraction of iron ore of 200 000 Mt per month. The group are now strategically planning to extract the ore bodies with increased extraction by August 2012.
