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Castillo Copper awaits regulator’s decision

Geoff Helisma |

Castillo Copper Limited (CCL) is expecting a response from the NSW Resources Regulator, to allow it to recommence exploration at its Cangai mine site.

The regulator suspended exploration following an inspection of the site in November 2018 and, as a result, CCL suspended trading on the Australian Securities Exchange (ASX) on December 27.

Last week, CCL wrote to the ASX requesting an “extension to its voluntary suspension … pending rectification of compliance issues identified by the NSW Resources Regulator”.

“The board believes it has now complied with all specified actions as set out by the NSW Resources Regulator … regarding regulatory approval for the recommencement of exploration activities,” the letter states.

The letter states that CCL “has taken the following measures to address the risk of there being an adverse impact on the environment”:

• implemented controls to ameliorate impacts to the environment associated with prospecting operations;

• appointed a suitably qualified expert to complete a site-based performance and risk assessment of surface disturbances associated with prospecting operations, to identify deficient or absent controls employed to prevent environmental harm;

• developed and implemented adequate controls recommended by the expert to minimise, so far as is reasonably practicable, any harm to the environment arising from activities carried out under the licences including any emerging or potential risks;

• appointed a suitably qualified independent expert to complete an independent compliance audit of the exploration activities undertaken to date; and,

• the audit has been conducted and was submitted to the NSW Resources Regulator on 1 February 2019.

Castillo Copper’s letter states “it is confident that the suspension of exploration activity” and the compliance issues “will not unduly delay its exploration program for 2019”.

The company has also asked the ASX to keep the voluntary suspension in place until it “makes an announcement to the market”, proposed for next Monday February 18.