Greystar Appeals for Angostura’s Future

3 May 2010 (Last Updated May 3rd, 2010 18:30)

Greystar Resources has filed an appeal with the Government of Colombia to reinstate its Environmental Impact Assessment (EIA) for its flagship Angostura gold and silver project. The company appealed to the Columbian Ministry of the Environment, Housing and Territorial Development to accep

Greystar Resources has filed an appeal with the Government of Colombia to reinstate its Environmental Impact Assessment (EIA) for its flagship Angostura gold and silver project.

The company appealed to the Columbian Ministry of the Environment, Housing and Territorial Development to accept that it has complied with all legal requirements to proceed with the project.

According to the EIA, under mining code changes Greystar needs to move its project to below 3,200m because it sits on the fringes of an environmentally sensitive area.

The code seeks to protect Colombia’s high-altitude wetlands or paramos, crucial to water supply in many areas, from contamination.

A majority of the project’s infrastructure and half the proposed open-pit gold and silver mine would be above the 3,200m and Greystar feels that its project meets optimal design requirements for the location.

It says any changes could send the project back to the drawing board.

Greystar says it has been developing the project for more than a decade and filed the original EIA in December, before Colombia's mining code was modified in February.

The open-cut mine in Colombia’s northern Santander department is expected to yield an average of 511,000oz of gold and 2.3 million ounces of silver over 15 years from 2012.