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Thursday, 26 September 2013
Minera IRL gets green light for flagship project
Mineral IRL (LON:MIRL, TSE:IRL) has received the key approval for the development of the Ollachea gold project in Peru.
The company revealed that the Peruvian Ministry of Mines and Energy (MEM) has approved the Environmental and Social Impact Assessment (ESIA) for the project.
Courtney Chamberlain, chief executive of Minera, said the ESIA report was a “major milestone toward production”. The company expects to start construction activities in 2014.
Minera IRL submitted the ESIA for the Ollachea Gold Project to the MEM in December 2012. The report was the culmination of over three years of environmental baseline studies, the definitive feasibility study, archaeological studies, water management plan, flora and fauna studies, social baseline studies and comprehensive community public consultations.
With government approval of the ESIA, Minera will now focus its efforts to obtain the construction permit for the Ollachea gold mine, which management expects to receive in the first quarter of 2014. Meanwhile, the company is still in project financing negotiations, and expects most of the details on the financing side will be worked out by the end of this year.