Miner cleared to acquire Chile hydro

Los Andes Copper (TSX-V: LA) has received conditional TSX-V approval to indirectly acquire water rights for the Rocin river, which runs through the company's Chile mining claims, together with studies for a 29MW run of the river project.

In August, the miner announced it inked an MOU with Turnbrook Mining to acquire the water rights and studies. Los Andes' Vizcachitas copper-molybdenum project is 130km north of Santiago.

Transaction completion is subject to agreement on and completion of formal documentation, due diligence, and the approval of all government and regulatory authorities, shareholders and third parties, Los Andes said in a statement.

"Securing power at reasonable costs has become one of the key challenges for the mining industry in Chile, and the hydro power project not only has the potential to provide a portion of the power requirements for the company's mine, but could also provide Los Andes with cash flow until the power is required by the company."