CORRECTED-BRIEF-Poland's KGHM says may extract 1.2 mln tonnes of copper in Canada

Thu Jan 14, 2016 3:08am EST
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(Corrects investment value to $1.307 billion, bullet point 5)

Jan 14 (Reuters) - Poland's KGHM Polska Miedz :

* Says its Canadian unit Ajax's reserves are estimated to have 1.2 million tonnes of copper.

* Mine life is calculated at 18 years. The construction of the mine will last for two and half years.

* Company added that Ajax's reserves amount to 2.6 million ounces of gold and 5.3 million ounces of silver.

* Average annual production of copper and gold in concentrate is expected to amount to 58,000 tonnes of copper and 125,000 ounces of gold respectively. Silver production will be variable, KGHM said.

* KGHM said its investments in the project are estimated at $1.307 billion and they will pay back in six-and-a-half years

* The Ajax project is a joint venture of KGHM and Abacus Mining & Exploration. Source text for Eikon: Further company coverage: (Reporting by Marcin Goclowski)