The Canadian company said it made the final payment for the change of land use permit on Jan. 12.
Mercator, which has already obtained final water concessions, surface rights and a construction permit, expects to release an updated feasibility study on the project in the first quarter 2012.
The property is situated in a highly prospective belt of copper deposits ranging from La Caridad in the south to central Arizona in the north.
On Jan. 16, the Vancouver-based mining company said it expects to produce 90 million to 100 million copper equivalent pounds in 2012.
Shares of Mercator closed at C$1.90 on Monday on the Toronto Stock Exchange.