Rio Tinto copper Chief Executive Officer (CEO) Jean Sebastien Jacques
IN PHOTO: Rio Tinto copper Chief Executive Officer (CEO) Jean Sebastien Jacques gestures as he speaks during an interview with Reuters in Santiago, April 8, 2014. A weak copper price and tighter financing are forcing mining companies to cut or stall spending on exploring to their lowest levels in four years as they focus instead on axing costs and reducing debt. REUTERS/Eliseo Fernandez

There are a couple of developments in some of the most promising mineral deposits in the world. First, a developing mine in Chile has obtained the approval for its Environmental Impact Statement. Meanwhile, a British-Australian mining giant is also further expanding its endeavours in Mongolia.

White Mountain Titanium Corporation (OTCQB:WMTM) is one step closer in development as it secures its Environmental Impact Statement (EIS) Approval for its titanium project in Cerro Blanco, Northern Chile.

Michael Kurtanjek, White Mountain’s President and Chief Operating Officer, commented on the approval, stating that it will give the company proper momentum to carry on with projected goals.

“The environmental approval of our Cerro Blanco Project marks an important milestone in the development of the project. This landmark will allow the project to gather momentum and advance to feasibility and subsequent production, with the knowledge and security that it has the support of both the government and local communities who will benefit from this rutile mine,” Kurtanjek said in an official statement.

Kin Wong, the chairman and chief executive officer of the Chilean mine, feels elated with the approval, adding that the efforts shown by the company’s staff helped speed up the approval process. The EIS approval now allows the company to move aggressively with their Cerro Blanco project.

Meanwhile in Mongolia, Australian mine Rio Tinto has secured a US$6.5 billion [$8.3 billion] deal to expand the copper-rich Oyu Tolgoi mine, one of the largest copper reserves in the world. It will expose Rio Tinto to vast reserves of copper — a particularly good unforeseen development — as the mine primarily depends on iron ore. The timing could not be better, as the global supply of copper is diminishing and will ultimately lead to increased prices.

According to a report by the Financial Times, the expansion will not see production until a couple of years, mainly because of the processes that Rio Tinto has to go through. This includes a feasibility study and an approval from the Mongolian government. Jean-Sébastien Jacques, Rio Tinto’s chief executive for copper and coal, stated that these steps are necessary and unfortunately, lengthy.

“We want to bring this on line when the copper market recovers to maximise value. Even if a decision was made today, it would take five to seven years to build,” said Jacques to FT.

Contact the writer: a.lu@ibtimes.com.au.