Hispania Resources has acquired a 100% stake in the Lumbrales Deposit (Lumbrales Permit) from Siemcalsa, a company controlled by Spain’s Castile León regional government.

The deposit is located in the Stanniferous Iberian Belt, which is said to be a prolific mining region and includes more than 100 tin and tungsten deposits in Spain and Portugal.

The 2,900-hectare Lumbrales Permit comprises the formerly producing Mari Tere mine and two other artisanal tin prospects in Castille, approximately 115km west of Salamanca.

In exchange for acquiring a 100% stake in the Lumbrales Deposit, Hispania Resources made a €250,000 payment to Siemcalsa.

At the time of its closure in 1986, the Mari Tere mine had established tin and molybdenum resources.

During the Spanish Civil War, the mine was initially constructed using a surface shaft and four underground floors. Over the course of this time, the site generated and processed 30,000 tonnes of material in total.

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By GlobalData

Hispania Resources CEO Norman Brewster said: “The property is located in the Stanniferous Iberian Belt, a geological region our team knows well. This property has been a past producer, and given the pricing changes in tin in recent years, makes this property financially attractive.”

The company is planning to assess both expanding the resource at the property and processing existing tailings.

Brewster added: “Equally exciting is the existing infrastructure consisting of decline ramps, surface shafts and underground development. This process to build out is one that usually takes a mining company several years of permitting and work, so we are well positioned to advance this key project.”