On October 5, 2026, Cuprum, a joint venture between Chile’s Camino Mining and Japan’s Furukawa Mining, announced it received approval from Chile’s National Water Directorate to commence water infrastructure development at the Puchios copper project. The authorization required the company to post a $1.7 million bank guarantee specifically earmarked for diverting and channeling the Ravine Coloradito stream. This hydrological setup is designed to manage surface runoff across the open pit, heap leach facility, and a proposed processing plant in compliance with national water regulations, with the full guarantee set for refund upon successful project inspection.
For copper developers in Chile, securing water rights and associated infrastructure approvals is often a prerequisite for advancing projects through feasibility stages. This permit removes a key regulatory hurdle, allowing the Puchios asset to transition from planning into active earthworks and site preparation. While recent heavy rainfall over the past two months caused localized flooding on access routes, core facilities remain intact as crews rehabilitate unpaved haul roads to Pasqualama and internal tracks to restore heavy equipment mobility.
Management indicated that the regulatory green light also paves the way for advancing capital structuring. Executives are currently negotiating administrative and commercial terms with Japanese partners and potential lenders to secure competitive debt financing, though final funding will depend on closing definitive agreements and completing standard due diligence. The regulatory clearance and active site preparations align with the company’s stated objective to formally enter the construction phase for the Puchios asset.