"The final connections and test runs [which are] soon to be completed prepares us for full operation this quarter. El Penon output will be well timed to leverage the current strong metals price environment," president and CEO Alastair McIntyre said.
The company noted that a total of 1,440 tonnes will be moved to the new processing site over a two-week period. To date, 400t had been received at the plant site.
"This material contains an estimated 1.1% copper and 40% iron, which will be used as a test feed to begin the processing circuit," the company said.
The El Penon mineral processing plant, which is 15km from the Farellon mine, is being constructed in a move that is intended to reduce overall processing costs by 33% and trucking cost by 75%, as well as provide additional revenue through the production of an iron concentrate, Altiplano says.
The facility will have capacity to process 5,000t/month of Farellon ore.
Farrelon generated revenue of US$779,054 in the fourth quarter of 2021. Copper sales were 267,927 pounds at a grade of 1.75%.
Altiplano's shares climbed 3% day-on-day on April 5 to C$0.55. The company had a market capitalisation of C$37.46 million.