TSX-listed INV Metals has submitted the environmental-impact study (EIS) for its Loma Larga gold/silver/copper project, in Ecuador.

“We are pleased to announce the submission of the EIS for review and comment by the Ministry of Environment and Water (MEW).

"The company has been working with the MEW to achieve this key milestone over the past few months and we wish to thank the team at the Ministry for their support with the process,” says CEO Candace MacGibbon.

She says the EIS is the culmination of a collaboration of work by the company, various consultants and local universities based on many years of baseline data collection and study.

“Our team is looking forward to the EIS technical review and the subsequent citizen participation and consultation process, which are the next important steps in support of our goal of obtaining the environmental licence for Loma Larga’s development.

"We are also working closely with the Ministry of Energy and Natural Nonrenewable Resources and the Ministry of Production, Exterior Commerce, Investments and Fisheries to advance the project towards exploitation,” MacGibbon notes.

The submission of the EIS is the first major milestone in the well-defined permitting process for large-scale mining projects within Ecuador. The process provides for timely technical review and comment by the MEW, followed by timely responses to comments by the company, INV points out.

Subsequent to the completion of the technical review of the EIS by the MEW, the company will start the citizen participation and consultation phase.

INV, meanwhile, continues with discussions with various financial institutions and partners. 

Concurrently with the permitting process, the company is actively pursuing a number of possible capital financing scenarios for Loma Larga, including debt, equity and a stream or royalty, with the objective of securing the capital requirements for construction prior to the receipt of the environmental licence.

The company is also preparing the EIS related to the proposed 69 kV powerline, which is expected to be completed within the next few months.

The registration of the environmental regularisation process for the 69 kV powerline is complete and the various reports requiring approval before EIS submission are under review by the MEW.

“The benefits and impacts of the development of the mine will be clearly articulated to our stakeholders during the citizen participation and consultation phase. We are confident that the development of the underground mine will bring economic opportunities to the local and regional population, while respecting and conserving the environment," says MacGibbon.