Carbine frustrated by environmental permit delays; shares fall 15pc
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The good news is the Queensland government has finally told Carbine Resources when it can expect to find out if environmental approval will be granted for its Mount Morgan gold and copper project.
The bad news? After having worked on its application for more than a year, the company (ASX:CRB) still won’t find out until May.
Shares were down 15.2 per cent at 8.4c on Tuesday.
“The company has been working on this application for over 12 months which has at times been very frustrating and time consuming, and this assessment decision at least puts a time-frame on this approval process moving forward,” boss Tony James said.
“We expect that now the timing is established the relevant parties will actively engage with all the stakeholders to see this project advance towards final approval.”
Carbine submitted a draft amendment to the Department of Environment and Heritage Protection in early April last year.
The company was required to re-work its submission to “better reflect and relate” the existing mining rights and water treatment plant agreements.
The revised amendment application includes moving the processing plant to Sandstone Gully, resizing and design of the new tailings storage facility, and the inclusion of mining and processing of the Shepherds Gully reserve.
The environmental authority was previously approved for the project in 2010.
However, the Department of Environment and Science has decided that the proposed changes are a major amendment that could result in a “potential increase in environmental impact”.
During the waiting period, Carbine plans to keep progressing the project on several fronts, including trying to secure financing for the 1.1-million-tonne-per-annum operation.
Stockhead is seeking further comment from Carbine.