As expected, Nevada Copper (NCU.TO) received its water pollution permit from the Nevada Department of Environmental Protection (NDEP). As said in an earlier blogpost, this is one of the two permits Nevada Copper still needed to bring its Phase I underground copper project into production. After ticking this box the company now only needs the air pollution permit, which is expected to be issued within two weeks. The receipt of this air pollution permit will trigger another drawdown of $15M of the Red Kite loan.
The company also provided an update on the status of the feasibility study on the open pit part of the project. Nevada Copper seems to be moving ahead with an expanded throughput scenario, as the company is now aiming for a base case throughput rate of 70-75,000 tpd versus the earlier planned 60,000 tpd. Nevada Copper expects to release this feasibility study in September.
> Click here to read the press release
Disclosure: The author holds a long position in Nevada Copper. Please see our disclaimer for current positions.
