Lupaka Gold (LPK.TO) had some great news from Peru as the company announced the authorities have approved the mine plan for the Invicta poly-metallic project. The permitting process was relatively easy as there was an existing EIA permit for mining operations and this resulted in the Ministry of Mines to sign off on the project relatively easy as Lupaka could also show a closure plan and an agreement with one of the two local communities.
This is a major step forward for the company as naysayers have been using the absence of a mining permit as their biggest reason why Invicta won’t be developed. They have been proven wrong now, but we’ll only become jubilant when Lupaka will be able to sign an agreement with the second community near the Invicta project. This should be one of the company’s next steps, together with negotiating and closing agreements with contractors as well as getting the explosives permit. Lupaka is quite upbeat and thinks all remaining permits could be received by the end of February 2015 which could keep the company on track to truck its first ore from Invicta to the toll mill.
Apparently no decision about the toll mill has been made just yet, but we expect some more news and clarity on that front shortly. We are preparing a more in-depth update and are planning to release the update shortly.
Disclosure: The author holds a long position in Lupaka Gold. Lupaka is a sponsor of the website. Please see our disclaimer for current positions.