Metminco's (LON:MNC, ASX:MNC) planning for a feasibility study and an environmental impact study for its Mollacas copper project in Chile is well advanced, the firm said on Monday.
It expects to complete these studies, which are required for mining approval, by late 2014, it added in its latest quarterly activities report.
Meanwhile, at the Los Calatos project in Peru, discussions on future financing are advancing, certain of which are to be held in the country during this month (February).
William Howe, Metminco's managing director, said: "The December quarter saw the successful completion of the metallurgical test work at Mollacas, a major milestone in progressing the project towards production.
"The results from the column leach test work have confirmed 85% copper recoveries with low acid consumption rates, which significantly enhance the economics of the project.
"Additional metallurgical test work is to commence shortly to determine the potential to further reduce these low acid consumption rates."
Metminco had cash of around A$7.8 million (US$6.9 million) as at the end of 2013.
Metminco shares gained over 5% Monday to stand at 1.75p.