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Miramont leaps key hurdle for approval of Lukkacha copper prospect in Peru

Miramont Resources Corp. overcame a key hurdle toward securing a supreme decree from the Peruvian government for its Lukkacha copper porphyry prospect.

Foreign companies need the decree to be able work within 50 kilometers of Peru's international borders, which are off-limits due to national security concerns. Lukkacha is located approximately 35 kilometers from the border.

Peru's Ministry of Energy and Mines notified the company that the project received favorable opinion from the Ministry of Defense, according to an Oct. 10 release.

In anticipation of securing the decree, Miramont said it has begun discussions with the local communities over a long‐term exploration agreement. The company has also contracted international services firm Social Capital Group to engage with the indigenous groups that may be affected by the project.

Miramont holds an option to fully acquire Lukkacha, located within the southern Peruvian copper belt and 50 kilometers southeast of Southern Copper Corp.'s Toquepala copper mine.

Meanwhile, Miramont said it successfully amended its option agreement for the Cerro Hermoso gold-copper-silver property, reducing current payments and extending the option period by one more year. The company will pay about C$3.3 million in four tranches until 2021 to fully acquire the project.