characteristics for these deposits are presented in Table 13. Each deposit will now be discussed
in greater detail.
Table 13. Summary of Indium Production From New Mine Production
Adex Mining Inc.
Figures may differ slightly from original sources due to rounding. “e” = estimate; “Conc.” = concentrate
Only 75% of indium will be recovered in the zinc concentrate (Argentex Mining 2012).
Assuming that Mount Pleasant produces indium sponge.
Concentrates of silver and zinc are expected to contain average indium concentrations of 450 and 1000 ppm, respectively (Board et al. 2011).
According to Argentex, ~75% of indium will be recovered in the zinc concentrate (Argentex Mining 2012).
Based on an average indium content estimate of 2 ppm (Schwarz-Schampera and Kerzig 2002) in total reserves and resources declared by Board et al.
(2011). Resources based on measured, indicated, and inferred resources. Reserves based on proven and probable reserves.
Refers to the level of indium purity refined onsite.
The Pinguino Preliminary Economic Assessment is considered to be at the conceptual study level. Additional resource delineation and metallurgical
tests need to be completed to support a pre-feasibility study and subsequent feasibility and detailed designs. Given the remote location of the site, it is
not anticipated that first production would be achieved before 2017. Furthermore, as currently designed, Argentex plans to mine and treat the near
surface oxide ores before treating the deeper sulfide ores. Because indium is believed to be recovered only through the sulfide ores, it may only
commence indium production a number of years after commercial production of silver and gold.
Data for the South Crofty mine are preliminary. Conceptual mine planning and a preliminary economic assessment have not been performed. For the
of 12 years; (3) a recovery rate of 80% indium in the concentrate stage; (4) recoveries of 90% and 95% in converting the concentrate to sponge and
then from sponge to refined metal; and (5) that because of ongoing dialogue with the nearby community and the preliminary stage of feasibility
studies, production would not commence until after 2017.
Although commercial production has commenced at Pirquitas we do not believe the operation is currently recovering indium metal.
Uses an average recovery of 95% in converting effectively smelter quality product (i.e., 99.99%) to +4N metal.
Based on average silver and zinc concentrate production from 2012 to 2020 of 13,556 tonnes and 11,778 tonnes, respectively. Average indium
to be recovered from these concentrates. Our own estimates indicate that 5.54 tpa indium metal may be contained in the silver concentrate and 10.69
tpa may be contained in the zinc concentrate.
On July 10, 2012, the Government of Bolivia announced plans to nationalize South American Silver Corporation’s interest in the Malku Khota
Sources: Own estimates; Adex Mining 2012a; Thibault et al. 2010; Armitage et al. 2011; Gibson and Hayes 2011; Argentex Mining 2009; Guido
2012; Board et al. 2011; Silver Standard 2012; Schwarz-Schampera and Herzig 2002; Hogg 2011