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Bear Creek Mining may launch IPO for Peruvian unit to fund Corani silver project

Bear Creek Mining Corp. is likely to launch a public offering for its Peruvian unit on the Lima stock exchange to help finance its US$550 million Corani silver project in Peru, Reuters reported May 31, citing CFO Paul Tweddle.

In a separate May 30 release, the Peru-focused Canadian miner said its shares have been listed for trading in Peru's Bolsa de Valores de Lima exchange, under the ticker BCM. Additionally, Bear Creek could also consider a stake sale in Corani to help fund the project.

Tweddle said that the IPO and the potential stake sale is the first step before future rounds of securing project financing for the project, which is expected to produce between 11 million and 12 million ounces of silver once fully operational.

The project is expected to begin production in 2022, should construction begin in 2018.

According to the report, the miner was to fund Corani through the earnings derived from its Santa Ana silver project in Peru. However, the mining license for Santa Ana was rescinded by the Peruvian government following protests over the proposed mine.

In 2014, Bear Creek launched arbitration proceedings against the Peruvian government, in which it was subsequently awarded US$30.4 million by the International Centre for Settlement of Investment Disputes tribunal in late 2017.

The Corani mine's construction and water permits were secured earlier this month, with a separate permit for the construction of the process plant, waste and tailings disposal, water storage system and processing-related facilities under review.