1st May 2014 13:58
LONDON (Alliance News) - Metminco Ltd said Thursday that it was confident it would get a positive outcome in its appeal over its Mollacas Copper Leach project in Chile
The exploration and development company said that during the quarter to end-March it had focused on advancing its Mollacas project, preparing a pre-feasibility study at its Los Calatos project in Peru, and continuing discussions with potential investors for Los Catalos.
The company said it will now be looking at fast tracking the feasibility, along with an environmental impact study as part of the process of obtaining mining permits to develop the project.
On April 3, the company lodged an appeal against the Chilean Court of Appeal's ruling that its First Easement Extension, which allows the company to engage in further mining activities at the Mollacas Copper Project, is invalid and void on technical grounds.
It appealed the ruling on the grounds that the court had incorrectly interpreted the Mining Act and Mining Code, and the ruling had several flaws.
"The ruling of the Court of Appeal is a natural distraction, however we remain confident that the company's appeal to the Supreme Court of Chile will yield a positive outcome," Managing Director William How said in a statement.
Shares in Metminco were trading up 13% at 1.30 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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