The future for Metminco's (ASX:MNC, LON:MNC) Los Calatos copper project has been firmed up after the Peruvian government approved the reservation of ownership that would allow the site to be developed.
The relevant ministry has recommended that the body controlling the country's public assets approve the reservation on the 12,700 hectare site for six years.
William Howe, Metminco's managing director, said: "We believe the Ministerial Resolution re-affirms the Ministry's belief and support in the future of the Los Calatos project.
"Furthermore, the reservation of the surface title will facilitate the development of the infrastructure required in support of the planned mining operation at Los Calatos."
Earlier this month, broker RFC Ambrian noted that at Los Calatos, the firm continues to look for a strategic partner for funding and development.
It is also reviewing the potential for further exploration to increase grade. The site boasts almost 8mln tonnes of contained copper.
It is also looking at the potential to reduce capital expenditure from current levels.
News: Metminco: Ministerial decision firm's up Los Calatos's future
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