July 6, 2011 / 1:23 PM / 7 years ago

UPDATE 1-Quadra gets environmental go-ahead on Chilean mine

TORONTO, July 6 (Reuters) - Quadra FNX Mining QUX.TO said on Wednesday its Sierra Gorda copper-molybdenum-gold project in Chile has received the necessary environmental approval for it to proceed with the development of the asset.

“This is the last major milestone that we had to achieve in order to commence construction. The project is now permitted and we have assured financing,” said Quadra Chief Executive Paul Blythe in a statement.

Quadra is developing the asset in partnership with Japan’s Sumitomo Metal Mining Co (5713.T) and Sumitomo Corp (8053.T).

The mine is expected to produce about 83 million pounds of copper, 25 million pounds of molybdenum and 64 thousand ounces of gold annually over a 20-year mine life, with commissioning targeted in early 2014.

Vancouver-based Quadra is a mid-tier copper miner with operations spread across Canada, the United States and Chile. (Reporting by Euan Rocha, editing by Dave Zimmerman)

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