Capstone Mining has received approval of the environmental impact assessment (EIA) for its Santo Domingo copper-iron-gold mine located near the town of Diego de Almagro in Region III, Chile.

The mine is 70%-owned by Capstone and the remaining 30% is owned by Korea Resources.

The project also includes related infrastructure, copper and iron processing facilities, a greenfield port and iron concentrate and seawater supply pipelines will also be developed.

Capstone Mining outlined these developments in its feasibility study, which was conducted in July 2014.

"We are following a disciplined stage-gate approach and are moving the project forward in a phased manner."

Capstone president and CEO Darren Pylot said: "We are very pleased to have received the Santo Domingo project EIA and the support shown for the project by the local community.

"We are following a disciplined stage-gate approach and are moving the project forward in a phased manner, focusing on the copper portion of the project first, with the option to add iron facilities should the outlook for that market improve."

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By GlobalData

Capstone said that an internal analysis has been carried out in a phased manner by considering initial production of copper at a reduced throughput rate of 30,000 to 35,000t a day.

In a bid to determine the economic returns for this option, the company plans to advance the analysis to a feasibility study.

A revised budget, which is being developed, will be disclosed by the company upon finalisation.

The Santo Domingo mine is of the Punta del Cobre Formation and contains Santo Domingo Sur, Iris, Iris Norte and Estrellita deposits.