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This article is about Rio Alto Mining (RIOM), which is mining and further developing its La Arena property in Peru. The company currently has a market capitalization of $396 million, or $420 million fully diluted.

La Arena has two primary areas: the gold oxide area and the gold/copper sulfide area. The gold oxide area is far smaller than the gold/copper sulfide area. Currently the company is mining the gold oxide area and developing the gold/copper sulfide area, using the profits from the former to fund the latter. By 2016 the company should only be mining the gold/copper sulfide area, which is much larger than the gold oxide area.

Given the mineral characteristics of these two areas, the company...

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