Colossus Minerals (CSI-T, COLUF-O) has received the installation licence it needs to start building a mine at its Serra Pelada gold project in Brazil.
The installation licence is the last requirement Colossus Minerals and its joint-venture partner Coomigasp, a 45,000-strong co-operative of local miners, require in order to apply for a mining licence. The partners have already applied for the mining licence, which they expect to receive in the coming weeks.
The final outstanding environmental license Colossus will require is an Operating License, which will only be issued if and when construction of the mine is completed in accordance with the Installation Licence, the company explains.
Serra Pelada is a high-grade gold-platinum-palladium project in Para State that between 1980 and 1986 was the site of the largest precious metals rush in Latin American history.
The news follows a deal Colossus Minerals struck with Vale (VALE-N) in late March to acquire 700 hectares of additional land adjacent to Serra Pelada, removing a huge bottleneck for the joint-venture partners.
In mid-morning trading in Toronto, Colossus was trading up 4¢ or 0.51% at $7.82 per share. The Toronto-headquartered company has traded in a 52-week range of $2.25-8.05 per share and has 79.7 million shares outstanding.
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