27th Oct 2014 10:01
LONDON (Alliance News) - Metminco Ltd on Monday said Peru's Ministry of Energy and Mines has recommended approval of the surface title for the planned development of the Los Calatos copper-molybdenum project for six years.
Metminco said the ministry's recommendation recognises the Project of National Interest status of Los Calatos, which is owned by its Minera Hampton Peru SAC subsidiary.
The resolution will reserve Metminco's right to purchase the surface titles on which the planned mining development is set to take place for an effective term of six years.
"We believe the ministerial resolution re-affirms the Ministry's belief and support in the future of the Los Calatos Project," said Metminco Managing Director William Howe.
"Furthermore, the reservation of the surface title will facilitate the development of the infrastructure required in support of the planned mining operation at Los Calatos," Howe added.
Shares in Metminco were up 0.7% to 0.73 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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