Orla receives permit for Camino Rojo in Mexico
Orla Mining (TSX: OLA) has announced that the Mexican Federal Environmental Department has granted approval of the company’s Environmental Impact Statement for the Camino Rojo gold project in Zacatecas State.
The company now has the two principal permits necessary to begin construction at Camino Rojo.
The receipt of the permit also satisfies one of the key conditions precedent to the drawdown of the remaining $100 million available on a previously announced $125 million project finance facility.
“We can now begin construction and maintain our schedule to produce our first gold in 2021,” Orla CEO Jason Simpson said in a media release.
According to the company, detailed engineering is now over 73% complete and major contracts for earth moving and civil work are expected to be finalized in the coming weeks.
A recent feasibility study shows that the mine would produce 97,000 oz. of gold annually over seven years and could be built for $123 million.
Midday Friday, Orla’s stock was up 6.3% on the TSE. The company has a C$1.5 billion market capitalization.
More News
First Quantum pulls back from arbitration on Panama copper mine
Signals potential for more negotiations with the nation over the Cobre Panama mine that’s been shuttered for more than a year.
March 31, 2025 | 04:30 pm
Freeport-McMoRan lowers first-quarter gold sales forecast
The company said it expects first-quarter gold sales to be roughly 100,000 ounces below its prior forecast of 225,000 ounces.
March 31, 2025 | 03:41 pm
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
Comments