The company last week said it had received the environmental license for the mine in Santander, Colombia, giving it full rights to start the construction and assembly phases of the project and to proceed towards full production.

La Estrella’s resource base is estimated at more than 22 million tonnes.

CMR said with the license received, it could move forward to secure environmental and operational permits for its other 14 mining titles in the region.

“We are thrilled that the environmental license has been granted to La Estella,” CMR chairman Ignacio Orzcariz said.

“The company is now stepping up on its evaluation of suitable funding solutions that will maximize the potential value within this property.”

Colombia, primarily made up of surface coal operations, is the fourth largest coal exporter in the world.

The country’s biggest players are Glencore, US-based Drummond and Cerrejon.