AM Resources has a 60% interest in the Esperanza asphaltite property, which covers 298 hectares. The property lies 70 km north-northwest of the city of Bucaramanga.
AM was prompted to invest in asphaltite projects by strong international demand and Colombia’s 4G program, which provides for the construction of more than 4,400 miles of new roads, 141 tunnels and 1,300 viaducts. The program was endorsed by the new government elected in May 2018.
The Esperanza property has the advantage of having an open pit mining license, which could enable AM to bring it faster to production and at a lesser cost.
Production at La Tigra, Esperanza’s neighbour, is estimated at about 3,000 tons per month.