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Monterrico Metals (MNA.L): Seems like Peru is trying to kick the torturers out

Having a pleasant January, Bristow?

There ain’t no fat lady singing yet, but check out this news report that hit the evening of Monday 26th January. Seems as though the bad publicity has finally brought the Peruvian government to its senses and they’re trying to find a way of kicking Monterrico out. YAY!

It’s all a bit stuffy bureauspeak, but what it boils down to is that Rio Blanco Copper (the subsidiary of Monterrico Metals (MNA.L) that holds the Peru concessions) has failed to get its Environmental Study done on time and the Gov’t has just refused it extra time to get it done. So unless MNA.L has pulled a fast one with some legalese, it means that they have lapsed on the terms. That means no more soup for you and bye bye scumbags, hasta nunca, out of Peru and out of business. Now wouldn’t that be sad?

Via Ottotrans™
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LIMA: The General Directorate of Mining Environmental Affairs (DGAAM) of the Ministry of Energy and Mines has denied, via the autodirectoral 0032-2009/MEMAAM, the prolonging of an extra 70 working days that was requested by the mining Company Río Blanco Cooper S.A. to comply with the 45 observations made in connection with its Semi-Detailed Environmental Impact Study (EIAsd) for the exploration enlargement project until 2010.

As is public knowledge, the observations made by the DGAAM of MINEM, the municipalities of the Piura region and diverse social organizations were to have been addressed in the lapse of 15 working days as established under the current regulations, or in the contrary, according to the ministry’s own report, the EIAsd of Río Blanco Copper S.A (previously Majaz) would not be approved.

This deadline passed last Friday 23rd January. If until then the company did not present its reply or if the reply was insufficient, it is the duty of the DGAAM to disallow the EIAsd, although it is possible that the mining company present an administrative procedure desist (as it has done before) to avoid disapproval.

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