Coro Mining has obtained approval from the Chilean National Authority of Geology and Mines (SERNAGEOMIN) for the Berta Sur Mine Pit Phase 1 technical project.
The approval is the equivalent to an official mining permit for the project and marks the beginning of the permitting process for the surrounding pits, as well as completing the required permits for the rest of the Berta operation.
Coro has also completed the acquisition of the remaining 35% of SCM Berta from Chilean engineering company ProPipe.
The company has made an upfront payment of $750,000 towards the acquisition, while the remaining $1.5m is to be paid in future instalments.
Coro now holds 100% interest in the operation following the transaction.
Coro Mining president and CEO Luis Tondo said: “The process granting the Berta Mine Technical Permit took longer than anticipated and required working diligently to satisfy all the requirements of the Chilean authorities.
“I am pleased that this process is now behind us and look forward to concentrating more on the Marimaca project development, while the operations at SCM Berta operations stabilise.”
However, a debt and corporate restructuring as outlined in the strategic review announcement could result in a reduction of the company’s interest in SCM Berta to between 25% and 50%.
Coro intends to shift its focus to the Marimaca project and is scheduled to release a definitive feasibility study for the development in the coming weeks.