Peru's Ministry of Energy and Mines and the Ministry of Agriculture's Water Authority approved the project's mine construction permit and water availability accreditation, although Bear Creek was still waiting for the separate process plant construction permit.
The company can now build a mine, as well as associated facilities, as well as strip and extract ore according to the Corani mine plan, while being assured there is enough water for the construction and operation of the mine.
The pending process plant construction permit will allow the construction of the Corani processing plant and its associated waste and tailings disposals, water storage system and processing facilities.
Bear Creek CEO Anthony Hawkshaw said the review of the permits by the ministries had been timely and he attributed the company's good relationship with the local communities during the permit approval process to Bear Creek's commitment to supporting them and promoting productive economic activities.
"Our board of directors will consider a Corani construction decision when a compelling project financing structure is arranged. Receipt of these key permits is a major step that will help attract sources of capital," he said.
At the end of 2017, the company was awarded about US$30.4 million after an international tribunal ruled in its favour in an arbitration claim over the expropriation of its Santa Ana project, also in Peru.
It said at the time it would be using the settlement funds to accelerate Corani.
Bear Creek plans to start second phase detailed engineering work soon, which should lead into an engineering, procurement and construction contract.
With the mine plant permit it can also start early works projects, such as building the Corani camp and access road from the camp to the project, while it is busy with the permitting for the construction of an electrical substation and power line in the nearby town of Macusani.