Goldcorp’s El Morro gets green light

Goldcorp has reclaimed its environmental permit to operate at El Morro from Chile’s Supreme Court after last year’s freeze on the $4 billion project.

In the eyes of the court, Goldcorp has sufficiently consulted the indigenous community in the Atacama region of north-central Chile.

“Goldcorp will now carefully consider the most appropriate next steps it will take to develop the El Morro project, with the aim of satisfying the long term needs of all interested parties,” Goldcorp said in a statement.

Goldcorp holds 70% ownership of the project. On December 31, 2012, proven and probable reserves (in situ) totaled 6.7 million ounces of gold (70% basis) and 4.9 billion pounds of copper (70% basis).

El Morro lies at an altitude of 4,000 metres. The property is a large, 36 square kilometre land package with significant potential for organic growth through further exploration.