Hot Chili Announces Registration of Costa Fuego and Huasco Water for Priority Status by Chilean Ministry of Economy
Rhea-AI Summary
Hot Chili has achieved a significant milestone as its Costa Fuego copper-gold project and Huasco Water project in Chile have been registered with the Office for Sustainable Project Management by the Chilean Ministry of Economy. This registration, following the company's September 2024 application, positions both projects for priority status and streamlined administrative approvals.
The projects now benefit from centralized monitoring through a single platform, with unique identification codes assigned (Costa Fuego: PRYXTX11, Huasco Water: ZPJCFN59). This development follows Hot Chili's recent Pre-Feasibility Study, which confirmed Costa Fuego as a multi-decade, top quartile production scale copper project with lowest quartile capital intensity.
The company is also anticipating final drill results from its La Verde copper-gold porphyry discovery, the latest addition to its Costa Fuego production hub. This strategic registration marks a crucial step forward in Hot Chili's development plans in Chile's coastal range.
Positive
- Costa Fuego and Huasco Water projects received priority status registration from Chilean Ministry of Economy, streamlining future approvals
- Projects now have centralized permitting process through single platform, potentially reducing administrative delays
- La Verde discovery confirmed as multi-decade, top quartile production scale copper project
- Pre-Feasibility Study shows lowest quartile capital intensity for the copper project
Negative
- Environmental Impact Assessment still pending submission for both projects
- Second maritime concession application still awaiting approval
- Multiple governmental approvals still required despite priority status
News Market Reaction – HHLKF
In the trading session that priced this news, HHLKF declined 9.09%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Hot Chili applied for registration in September 2024, forming the view that both projects fulfilled key requirements to be considered in the Chilean government's list of strategic investment projects for the country to expedite through streamlined administrative approval processing.
The registration marks a significant step forward for Hot Chili and indicates that Costa Fuego and Huasco Water meet the Chilean government's objective criteria to acquire priority status. Both projects are now under the supervision and monitoring of the Office for Sustainable Project Management, which aims to optimise and accelerate the approvals process for projects that promote sustainability.
Hot Chili is now able to centralise and monitor all active permitting processes through a single platform, which includes the Company's second maritime concession application (Huasco Water) and future Environmental Impact Assessment submission (Costa Fuego and Huasco Water).
Registry is confirmed on the official website (https://ogp.economia.cl/grandes-proyectos/proyectos-de-inversion/) with unique identification codes for Costa Fuego (PRYXTX11), and Huasco Water (ZPJCFN59) already assigned.
The Company looks forward to providing further updates, including final drill results from its stage-1 drill programme across its exciting La Verde copper-gold porphyry discovery.
La Verde is the latest addition to the Company's Costa Fuego production hub, confirmed as a multi-decade, top quartile production scale and lowest quartile capital intensity copper project in the Company's recently released Pre-Feasibility Study (see announcement dated 27th March 2025).
This announcement was approved and authorised for release by the Board of Hot Chili.
For further information, please contact:
Christian Easterday | Tel: +61 8 9315 9009 |
Carol Marinkovich | Tel: +61 8 9315 9009 |
Graham Farrell | Email: graham@hotchili.net.au |
or visit Hot Chili's website at www.hotchili.net.au
Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains certain statements that are "forward-looking information" within the meaning of Canadian securities legislation and Australian securities legislation (each, a "forward-looking statement"). Forward-looking statements reflect the Company's current expectations, forecasts, and projections with respect to future events, many of which are beyond the Company's control, and are based on certain assumptions. No assurance can be given that these expectations, forecasts, or projections will prove to be correct, and such forward-looking statements included in this news release should not be unduly relied upon. The use of any of the words "anticipate", "believe", "could", "estimate", "expect", "may", "plan", "potential", "project", "should", "will", "would" and similar expressions are intended to identify forward-looking statements.
In this news release, forward-looking statements relate, among other things, to: timing and receipt of governmental approvals for Costa Fuego and Huasco Water; the potential of the La Verde copper-gold porphyry discovery; and the Company's future business plans. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors may, include, but are not limited to: operational risks; sovereign risks associated with the Company's operations in
Although the forward-looking statements contained in this news release are based upon assumptions which the Company believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding: future commodity prices and demand; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; future tax rates; future operating costs; availability of future sources of funding; and ability to obtain financing. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom.
For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made herein, please refer to the public disclosure record of the Company, including the Company's most recent Annual Report, which is available on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile. New factors emerge from time to time, and it is not possible for management to predict all those factors or to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.
The forward-looking statements contained in this news release are expressly qualified by the foregoing cautionary statements and are made as of the date of this news release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise. Investors should read this entire news release and consult their own professional advisors to ascertain and assess the income tax and legal risks and other aspects of an investment in the Company.
View original content:https://www.prnewswire.com/news-releases/hot-chili-announces-registration-of-costa-fuego-and-huasco-water-for-priority-status-by-chilean-ministry-of-economy-302441555.html
SOURCE Hot Chili Limited