Meteoric Resources NL (ASX: MEI) (Meteoric or the Company) provides the following update on the approvals process for its Caldeira Ionic Clay Rare Earth Project in Brazil (Caldeira Project or the Project).
The Company is aware of Brazilian media reports about the voting outcome of a meeting of the Council of Management of the Pedra Branca Conservation Area (CONGEAPA) held in the city of Caldas last week.
The vote was in relation to the consents required for the Caldeira Project to operate in the Buffer Zone of the Pedra Branca Conservation Area. Meteoric has been informed that an irregularity occurred during a vote of the CONGEAPA whereby a member representing the Caldas Municipal Council for Environmental and Development (CODEMA) voted contrary to express written instructions, from the CODEMA body which he represents, to vote in favour of the consent.
The Caldas City Hall has subsequently declared the vote invalid and the matter is under review. 1 Advice from the Company's legal and environmental advisors supports this position. Meteoric has received written public support from the Caldas Mayor, Ailton Goulart, and the municipal body affected (CODEMA). The Company continues to work closely with the Mayor and the Municipal Bodies to ensure procedural compliance and a timely resolution. The Company has also received written confirmation from the Minas Gerais Environmental Protection Agency (EPA) that the vote of CONGEAPA will not impact the analysis of the Preliminary Environmental Permit (LP). The EPA have confirmed that their review of the Caldeira Project is at an advanced stage, and it is not expected that there will be any impact to timing for critical path items, including issuance of the LP. The timeline for the development of the Caldeira Project remains on track and Meteoric continues to progress all key approval processes and workstreams, including development of a Pilot Plant, to ensure delivery of the Project.
Managing Director, Stuart Gale said: 'Meteoric continues to receive strong and unwavering support from all levels of Brazilian government. Whilst procedural irregularities can occur in the complex, multi-layered approval processes, the key point is the issues are quickly identified and corrected - as is the case here. Based upon a strong working relationship with the Mayor of Caldas, together with legal and environmental advice, Meteoric remains confident of Project timelines. This is further supported by the EPA confirming the LP approval timeline will not be affected, which provides a strong vote of confidence in the Project and reflects the importance which is placed on the Project in Brazil. The Caldeira Project remains one of the highest-grade Ionic Absorption Clay (IAC) Rare Earth Element (REE) deposits in the world, with accompanying Magnetic Rare Earth Oxide recoveries of more than 50%.
Contact:
Stuart Gale
Email: sgale@meteoric.com.au
Tel: +61 8 6166 9112
Michael Vaughan
Email: michael.vaughan@fivemark.com.au
Tel: +61 422 602 720
Some statements in this document may be forward-looking statements. Such statements include, but are not limited to, statements with regard to capacity, future production and grades, projections for sales growth, estimated revenues and reserves, targets for cost savings, the construction cost of new projects, projected capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for minerals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as 'will', 'expect', 'anticipate', 'believe' and 'envisage'. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside Meteoric's control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation.
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