Atico signs 30-year title for El Roble
TSX-V-listed Atico Mining has signed a new 30-year mining title with Colombia’s National Mining Agency (NMA) for its El Roble copper/gold mine.
“The new 30-year title is very positive for the company as it significantly derisks the El Roble operation,” said CEO Fernando Ganoza.
“The new title also includes the ability to sell the previously pledged concentrate which will inject material liquidity to the company. Together, these developments will allow us to improve the balance sheet position in the short term, fulfill our obligations, and focus on further extending the El Roble life-of-mine through an aggressive near-mine drill programme currently ongoing.”
The agreement follows a preference right granted under Decree 2477 of 1986 and brings the title under Colombia’s current mining law, Law 685 of 2001. The new contract includes updated regulatory requirements, additional compensation fees to the State, and a formalised community relations expense that Atico had previously been supporting voluntarily.
At the time of the title signing, Atico held about 5 000 wet metric tonnes of unsold concentrate as collateral with the NMA. The new contract releases the pledge over this inventory, which the company estimates is worth about $2 000 per dry metric tonne based on current metal prices.
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