Quadra FNX Mining has received environmental impact assessment (EIA) approval for its Sierra Gorda project in Region II, northern Chile.
Sierra Gorda project is a joint venture between Quadra FNX, Sumitomo Metal Mining and Sumitomo Corporation.
According to the feasibility study report, the project has estimated reserves of 483Mlb of copper, 25Mlb of molybdenum and 64,000 oz of gold per annum over a mine life of 20 years.
Quadra FNX president and CEO Paul Blythe said that with the receipt of EIA approval and all major mining and process equipment in place, the firm will start the construction of the project.
The company is expected to begin production at the Sierra Gorda project in 2014.