El Morro Project Receives Environmental Impact Studies Approval

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Researched by Industrial Info Research Latin America (Córdoba, Argentina)--Sociedad Contractual Minera El Morro (Vallenar, Chile), the joint venture between Goldcorp Incorporated (NYSE:GG) (Vancouver, Canada) and New Gold Incorporated (NYSE:NGD) (Vancouver, Canada), announced the capital approval of its El Morro mining project, which is in Alto del Carmen. The $3.9 billion project consists of a copper and gold operation that will exploit the open-pit La Fortuna deposit.

The project will process 90,000 tons of mineral per day by conventional flotation, producing 210,000 ounces of gold and 90,718 tonnes of copper per year. Alto del Carmen is a community of 4,800 people in the province of Huasco, 184 kilometers from Copiapo in the Atacama Region, in northern Chile.

The investment involves the construction of a seawater desalination plant to ensure the development of the project. The plant will be in Punta Totoral and will pump 740 liters of desalinated water per second through 198 kilometers of pipelines, from the coast to the concentrator. The concentrator will be connected by a 108-kilometer slurry pipeline to a copper concentrate filtration plant in Puerto Castilla.

During the first quarter of 2012, the company will start with the construction of access roads and the acquisition of equipment, beginning with earth movements and mine construction by the third quarter of 2012.

Goldcorp Incorporated employs more than 11,500 people in the Americas. Goldcorp owns a 70% interest in El Morro project.

New Gold is a Canadian gold producer with operations in the U.S., Mexico and Australia, and development projects in Canada and Chile. New Gold owns the remaining 30% stake in the el Morro project.

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