On June 13 (Friday), Condor Resources announced that its Cobreorco copper project in the Andahuaylas province of central Peru had passed a "significant" permitting milestone after its environmental impact statement was approved, bringing the project closer to the drilling phase.
The permitting process was carried out by Teck Resources, which entered the project through an option and joint venture agreement with Condor at the end of 2023.
Under the agreement, Teck can acquire a 55% interest in the Cobreorco copper project by investing $4 million in exploration and paying an additional $500,000 in cash within three years of the permit being issued. After exercising this option, Teck can further increase its stake in the copper project to 75% by spending an additional $6 million on exploration and paying an additional $600,000 in cash.
Chris Buncic, CEO of Condor, stated, "We are delighted to have reached this significant milestone with Teck. Projects of this scale and quality are extremely rare, and we believe our partnership is just beginning, which will be an exciting journey."
The approval of the environmental impact report by Peru's Ministry of Energy and Mines is the first step in obtaining the surface drilling permit for the project. Discussions with two local communities are still ongoing to complete this process.
