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URU Metals to request assessment extension amid pandemic
15th Apr 2020 09:06
(Sharecast News) - URU Metals said on Wednesday that it was still making progress in advancing its mining right Application in South Africa, which it announced in December.
The AIM-traded company said the final scoping report had been accepted, and the approval to proceed with the environmental impact assessment phase had been granted.
It said the specialist studies related to the environmental impact assessment phase were planned to start at the end of March, but due to the Covid-19 coronavirus lockdown in South Africa, the studies had to be postponed.
That phase would commence as soon as the lockdown in South Africa is lifted, the board said, which at the current stage was expected to be 30 April.
It said the focus of the environmental impact assessment phase would be to expand on the impacts and mitigation measures identified in the scoping phase, and was expected to cost ?0.25m.
The company said it had decided to prepare an extension request for the environmental impact assessment phase, to be submitted to the Department of Mineral Resources and Energy as soon as the lockdown in South Africa is lifted.
It said the extension request would be based on the delays caused by the Covid-19 coronavirus pandemic.
"We are pleased that another project milestone has been met on time and on budget and that the team can proceed with the environmental impact assessment phase," said chief executive officer John Zorbas.
"Even though the Covid-19 outbreak has resulted in some delays to the project timelines, the team [is] prepared and ready to immediately commence with the EIA as soon as the South African lockdown is lifted."
At 0808 BST, shares in URU Metals were up 16% at 139.2p.
The AIM-traded company said the final scoping report had been accepted, and the approval to proceed with the environmental impact assessment phase had been granted.
It said the specialist studies related to the environmental impact assessment phase were planned to start at the end of March, but due to the Covid-19 coronavirus lockdown in South Africa, the studies had to be postponed.
That phase would commence as soon as the lockdown in South Africa is lifted, the board said, which at the current stage was expected to be 30 April.
It said the focus of the environmental impact assessment phase would be to expand on the impacts and mitigation measures identified in the scoping phase, and was expected to cost ?0.25m.
The company said it had decided to prepare an extension request for the environmental impact assessment phase, to be submitted to the Department of Mineral Resources and Energy as soon as the lockdown in South Africa is lifted.
It said the extension request would be based on the delays caused by the Covid-19 coronavirus pandemic.
"We are pleased that another project milestone has been met on time and on budget and that the team can proceed with the environmental impact assessment phase," said chief executive officer John Zorbas.
"Even though the Covid-19 outbreak has resulted in some delays to the project timelines, the team [is] prepared and ready to immediately commence with the EIA as soon as the South African lockdown is lifted."
At 0808 BST, shares in URU Metals were up 16% at 139.2p.