The miner sold two tranches of debt worth a total of $2 billion last week at 230 basis points and 235 points above US Treasuries.

The regulatory approval marks a major step in the permitting process, allowing the firm to appoint contractors for this year’s activities.

Sinohydro Corp and China Railway Group will invest up to $7 billion in infrastructure projects as part of an agreement over their Sicomines copper and cobalt JV in the DRC.

The move follows and exponential rise in the number of mining claims being staked over the past year on First Nations territories.

"We think copper is making a bottom. I'd be willing to wager on $9,500/tonne before you go down to $7,500," he said.

Mine planning is underway for an updated feasibility study on Eagle’s Nest next year.

The Horne 5 mine is to be developed below the historic Horne mine, which was operational from 1927 to 1976.