TORONTO (http://www.cementprocesscrusher.com) – Authorities in Chile have approved an environmental permit for Goldcorp and New Gold's El Morro project in northern Chile, Goldcorp spokesperson Jeff Wilhoit confirmed on Tuesday.
Goldcorp bought 70% of the project from Xstrata early last year with the help of New Gold, which owns the other 30% and had a right of first refusal on Xstrata's stake.
The transaction has been challenged by larger rival Barrick Gold, which had earlier agreed to buy Xstrata's share of El Morro, and a trial could be held in June or July according to Goldcorp's year-end report.
The company will now conduct condemnation drilling, to be sure that key infrastructure is not built on top of mineable orebodies, and will follow that up with exploration drilling.
“We've got to answer a number of questions before we proceed with any kind of next step,” Wilhoit said.
Vancouver-based Goldcorp said in February it will complete an updated feasibility study for El Morro in the third quarter of this year, including revised capital and operating cost estimates and some refinements on the mine plan and the mining equipment requirements.
The El Morro project has proven and probable reserves of 8,2-million ounces of gold and 6,1-billion pounds of copper, after Goldcorp announced a 22% increase earlier this year.
According to a 2008 feasibility study, on which the environmental-impact assessment was based, the operation could produce more than 300 000 oz/y of gold and 379-million pounds a year of copper for 14 years.
Goldcorp, the second-biggest gold producer based in Canada, has mines in Canada, Argentina, the US, Mexico, Honduras and Guatemala.
The company announced construction approvals last month for two Canadian projects, Eleanore in Quebec and the Cochenour project in the company's Red Lake camp, in Ontario.
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