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Kingsgate’s Chile silver/gold project gets environmental nod

10th July 2013

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – The Copiapo environmental regulator in Chile has approved the environmental impact assessment (EIA) that Australian miner Kingsgate submitted for its Nueva Esperanza silver/gold project (formerly the Arqueros project).

The EIA covers all the environmental and social impacts and is a key element in the development of the project, which is located in the Maricunga gold and silver belt.

MD and CEO Gavin Thomas said in a statement on Wednesday that work was still to be completed on the feasibility study but added that Kingsgate remained confident that the project would continue to advance despite a volatile price environment.

The company previously announced that it was looking at the optimum development route for Nueva Esperanza to lower power requirements and capital costs. The key conclusions from this work would be released in the September quarter.

Kingsgate last month announced a A$300-million impairment on its Challenger gold mine, in Australia, as it switched to a revised mine plan to lower capital expenditure and operating costs amid falling gold prices.

Shares in Kingsgate, which also operates the Chatree gold mine in Thailand, exchanged hands for A$1.28 apiece on the ASX on Wednesday, down 1.92% on the previous day’s closing price.

Edited by Creamer Media Reporter

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