Chile Minister welcomes Kinross' Lobo-Marte environmental permitting decision
Chile's Economy and Mining Minister Daniel Mas has welcomed Canadian company Kinross Gold Corp's decision to start the process of obtaining an environmental permit to develop its Lobo-Marte gold project, in northern Chile, saying it reflects "a renewed pro-investment environment in the country".
Kinross is expected to invest an initial $1.5-billion in the development of the project, which is anticipated to create 2 800 jobs during the construction phase.
The Lobo-Marte project will have a processing capacity of about 35 000 t a day and will produce gold doré over a 22-year mine life.
Mas says "the activation of various mining megaprojects during the last two weeks – for an amount that exceeds $17-billion – is a clear sign of a change in the expectations of investors, who are recovering confidence and certainty, key factors for making long-term investment decisions".
The other megaprojects for which similar environmental permitting steps are being taken includes BHP's $5.1-billion new Escondida concentrator project; Freeport-McMoRan's $7.5-billion operational continuity project of Minera El Abra; and Albemarle's $3.1-billion direct lithium extraction system in the Atacama salt flat.
Mas asserts that mining investment is essential for economic growth, the generation of quality jobs and the improvement in the quality of life of Chileans.
"For this reason, today the priority is to facilitate investment so that projects, work and opportunities multiply in our country. We need a robust institutional framework, clear rules and an ecosystem of permits and procedures that, while protecting the environment and complying with the law, does not trap investors who bet on Chile," he says.
