Atico Mining announced on November 10 that Ecuador’s Ministry of Energy and Mines has issued a change of phase resolution for its La Plata project, approving the concession for underground, medium-scale exploitation. The resolution advances the project’s legal status from the economic evaluation phase to the exploitation phase, authorising the start of construction and subsequent operation of the mine. Atico noted that the same authorisations issued in recent years for El Domo, Fruta del Norte and Mirador were fully used by those companies to advance their projects towards production.
Chief executive Fernando Ganoza called it the final major permission required to start breaking ground at La Plata, which the company describes as a high-grade volcanogenic massive sulphide project. The government treats La Plata as a strategic project for its investment, taxes, royalties and employment.
Construction is planned to begin in the first quarter of 2027. The company estimates construction will generate more than 600 direct jobs and between 1,200 and 1,800 indirect jobs, and that operations will support more than 300 direct jobs and between 600 and 900 indirect jobs once in commercial production. Atico funds its development work from cash flow at its operating El Roble mine.