Vancouver-based Ero Copper will move forward with the Boa Esperanca copper project in Brazil.
The board of directions approved the final decision. Ero Copper will begin construction in April, with production expected to begin in the September quarter.
Ero Copper aims to be a 100,000-tonne-per year copper producer, chief executive David Strang said.
"One of the most compelling aspects about this project is its expected ability to double Ero's annual copper production at a low upfront capital investment of approximately US$300 million," he said.
The company is working on contracts for its early works, power infrastructure, and site construction. It and ancticipates mobilisation on the site in April.
Ero Copper is also developing engineering and construction designs, while continuing to explore its Gap Zone. The Gap Zone is an under-explored area, which Ero Copper expects will continue near-surface mineralisation at high grade.
It is also completing condemnation drilling for infrastructure, the company said.
An optimised feasibility study in September 2021 estimated upfront capital costs of US$294 million, with life-of-mine average annual copper production of 27,000 tonnes.
Boa Esperanca contains total measured and indicated resources of 47.7 million tonnes at 0.86% for 411,700 tonnes of contained copper, and inferred resources of 11.6 million tonnes at 0.80% for 92,200 tonnes of contained copper.
The mine project is located within the Carajas mineral province in southeastern Para State.