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The Los Calatos project in Peru run by Metminco (MNC) is one of the world's largest undeveloped copper mines, but it may be uneconomic because most of the deposit in the open cast pit is low-grade ore. So Metminco's bosses have changed tack. Rather than focusing on sheer scale, they are now looking to focus on mining just the higher-grade ore. While they haven't finished the financial side of the studies yet, the company has released a resource update for the project and outlined a new plan - prompting us to upgrade the company's shares to a 'hold' from a 'sell'.