Mineral and Financial reports regulatory progress at Lagoa Salgada

17th Jul 2024 15:29

(Sharecast News) - Mineral and Financial Investments updated the market on the Lagoa Salgada polymetallic project in Portugal on Wednesday, reporting that Redcorp Empreendimentos Mineros, in which it holds a conditional 20% carried interest, had successfully filed the final stage submission of the environmental impact assessment (EIA) for the project.

The AIM-traded firm said the Lagoa Salgada project, managed by Ascendant Resources Inc., wass now entering the 'RECAPE' process, which had been submitted to the Portuguese environmental agency, Agência Portuguesa do Ambiente (APA).

It said the 60-day RECAPE review process aimed to ensure that the execution of the project adhered to the criteria established in the Environmental Impact Declaration.

Upon verification and subject to APA approval, the project was expected to receive its environmental title.

The final submission followed additional and revised information requested by APA and, barring any further requests, should lead to the approval of the EIA.

"APA's request for additional information and revisions is a standard part of the EIA approval process in Portugal," said president and chief executive officer Jacques Vaillancourt.

"We are advised that Redcorp's technical team and external consultants have excelled with their comprehensive and high-quality responses to APA's requests.

"Redcorp continues to work extremely closely with the regulators, the community and various government departments of Portugal to advance the Lagoa Salgada project."

Vaillancourt said the company believed the efficiency of the process was a testament to the government of Portugal and the project's status as a PIN Project.

"The approval of the EIA, is another milestone that should establish the Lagoa Salgada Project's position as one of the most advanced projects on the Iberian Pyrite Belt today."

At 1453 BST, shares in Mineral & Financial Investments were down 1.5% at 9.85p.

Reporting by Josh White for Sharecast.com.