Bear Creek touts Peru president, community support...
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Corani mayor Edmundo Cáceres Guerra led a delegation of local leaders expressing support for the project in a meeting last week at the presidential palace, Bear Creek said.
Peru president Pedro Castillo in turn said he and the Peruvian government would support development of Corani, stating he would take Corani as an example for future investment desires, the company said.
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Peruvian political uncertainty was causing market volatility, Bear Creek had noted in a presentation last month, but said the mining industry - backbone of Peruvian economy - was active and growing.
Fears for the mining sector seemed to rapidly recede after Castillo reshuffled his cabinet earlier this month.
However there are ructions over what has been dubbed a "caviar cabinet" and Castillo is separately reportedly set to challenge a new law that leaves him more politically vulnerable by limiting his power to dissolve congress.
"We are very appreciative of the support we have received from the leaders and residents of communities surrounding our Corani project," Bear Creek president and CEO Anthony Hawkshaw said yesterday.
"We will develop the Corani project in a manner that protects the environment and contributes to the sustainable development, growth and quality of life of local communities, with respect for the traditions, customs and ancestral relationships of the indigenous people of the area.
"We are also grateful to President Castillo for his support of the Corani District communities and are honoured by his recognition that Bear Creek and the Corani project exemplify the ideals of responsible mining and social benefit."
Bear Creek pointed to an example of community benefit in its recent construction of the Antapata electrical substation, which would connect to numerous villages to the grid and alleviate regular power brownouts.
The company is seeking finance for Corani, which has a US$580 million price tag.
The mine is expected to produce an average annual 9.6 million ounces of silver, 98 million pounds of lead and 69Mlb zinc over 15 years.
Bear Creek shares (TSXV: BCM) gained 27.6% yesterday to close at C$1.71, however they are down more than 45% year-to-date.
The company is capitalised at $212.5 million (US$172.5 million).