El Morro permit approvedThe link is at the bottom
15th March 2011
Updated 4 hours ago
TORONTO (miningweekly.com) – Authorities in Chile have approved anenvironmental permit for Goldcorp and New Gold's El Morro project innorthern Chile, Goldcorp spokesperson Jeff Wilhoit confirmed on Tuesday.
Goldcorp bought 70% of the project from Xstrata early last year withthe help of New Gold, which owns the other 30% and had a right of firstrefusal on Xstrata's stake.
The transaction has been challenged by larger rival Barrick Gold, whichhad earlier agreed to buy Xstrata's share of El Morro, and a trialcould be held in June or July according to Goldcorp's year-end report.
The company will now conduct condemnation drilling, to be sure that keyinfrastructure is not built on top of mineable orebodies, and willfollow 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 updatedfeasibility study for El Morro in the third quarter of this year,including revised capital and operating cost estimates and somerefinements on the mine plan and the mining equipment requirements.
The El Morro project has proven and probable reserves of 8,2-millionounces of gold and 6,1-billion pounds of copper, after Goldcorpannounced a 22% increase earlier this year.
According to a 2008 feasibility study, on which theenvironmental-impact assessment was based, the operation could producemore than 300 000 oz/y of gold and 379-million pounds a year of copperfor 14 years.
Goldcorp, the second-biggest gold producer based in Canada, has minesin Canada, Argentina, the US, Mexico, Honduras and Guatemala.
The company announced construction approvals last month for twoCanadian projects, Eleanore in Quebec and the Cochenour project in thecompany's Red Lake camp, in Ontario.
Edited by: Liezel Hill
https://www.miningweekly.com/article/goldcorp-gets-approval-for-el-morro-mine-in-chile-2011-03-15