Marimaca Copper’s oxide project passes environmental hurdle

[Ben Graham]

Marimaca Copper (TSX: MARI, ASX: MC2) says it has received formal environmental approval for the development of its flagship oxide project located in the low coastal cordillera of Chile’s Antofagasta region, placing it closer to construction-ready status.

The Marimaca oxide deposit — also referred to as MOD — represents an open-pit, heap-leach operation that aims to produce approximately 50,000 tonnes of copper cathodes annually over 13 years. The mine design centres around a conventional yet optimized processing method (solvent extraction and electrowinning), with minimal environmental footprint through the use of recycled seawater from the Bay of Mejillones.

In December, Marimaca submitted its environmental impact statement with Chilean authorities, and has since successfully addressed questions surrounding the project’s potential effects on local communities.

The formal approval of EIS, says the Canadian copper developer, was issued “following a rigorous preparation and engagement process, including multiple years of baseline environmental studies, social and archaeological information collection, multiple voluntary stakeholder engagement programs, and various technical and project engineering studies.”

The approval, it adds, marks another strategic step closer to the start of construction at MOD, which it plans to begin in the second half of 2026. The company is now moving ahead with acquiring the auxiliary permits for the project, after which it will make a final investment decision.

“Developing our assets in Chile to the highest possible environmental and social standards is a core objective of Marimaca,” said Jose Antonio Merino, managing director, Chile and CFO of Marimaca Copper.

Shares of Marimaca Copper closed Tuesday’s session 6.3% higher at C$11.65 apiece, after hitting a one-month high of $11.90 earlier in the day. The company has a market capitalization of $1.38 billion ($980 million).

Pampa Medina drilling

Separately, Marimaca also provided the final batch of drill results from the Pampa Medina satellite deposit, which is located approximately 28 km to the east and is expected to form part of the company’s hub-and-spoke strategy centred around MOD.

In a press release, Marimaca said the new set of intersections — such as 16 metres of 2.29% copper from 464 metres and 6 metres of 3.17% copper from 334 metres — demonstrated the continuity of high-grade sedimentary horizon in the south, about 900 metres from the previously announced drilling.

“Exploration efforts at Pampa Medina continue, and we are increasingly confident in our long-term growth strategy beyond the 50,000-tonne-per-annum of copper production contemplated in our definitive feasibility study,” stated Hayden Locke, president and CEO of Marimaca.