Chile rejects challenges to Capstone copper-iron ore project
The Chilean government has rejected two challenges over the awarding of an environmental permit for Capstone Mining's Santo Domingo copper-iron ore project in northern Atacama region (III).
A ministerial committee rejected the challenges, which sought to revoke the project's environmental permit granted by authorities in July, daily La Tercera reported.
The role of the committee, chaired by the environment minister and comprising the ministers of health, economy, agriculture, energy and mining, is to evaluate and rule on any challenge filed against any project approved by the environmental evaluation service SEA.
In the case of Santo Domingo, the two challenges were filed by participants in the evaluation process and related to air quality, water resources and seismic risk, the daily reported.
The US$1.8bn project was suspended by Capstone in September on account of low copper and iron ore prices.
"While we continue to believe that Santo Domingo is an excellent project, a number of factors, including uncertainty over the future direction of copper prices and our financing capacity for the project, make capital preservation a priority at this time," CEO Darren Pylot said at the time.
South Korea's state-owned Korea Resources (Kores) owns 30% of the project.
Capstone did not immediately respond when contacted by BNamericas for comment.
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