LONDON (Alliance News) - FinnAust Mining PLC on Wednesday said it has secured approval from authorities in Greenland for its social impact assessment programme for the Pituffik titanium project.
The miner's programme has been approved by the Greenland Mineral Licencing and Safety Authority and FinnAust is preparing an application for an exploitation licence at Pituffik to extract ilmenite, a primary source of titanium metal.
As part of the application process FinnAust is required to submit a social impact assessment and an environmental impact assessment, which both assist in outlining the potential impacts and planned mitigation measures for the project's construction, operation and closure.
FinnAust secured approval for the environmental impact assessment last month.
As part of the application for an exploitation licence, FinnAust will also be required to submit a feasibility study and the miner said this study is well advanced with further details to be provided in due course.
""With on-the-ground exploration continuing to deliver encouraging results, further underpinning the Project's commercial value as a titanium asset, we remain focussed on our objectives of delivering a maiden resource late this year and commencing a bulk sampling programme in 2017," said Chief Executive Roderick McIllree.
"The Qaanaaq district, where Pituffik is located, has one of the highest unemployment rates in Greenland, and as a result we are committed to ensuring our presence in the region positively benefits both the local and wider community. We look forward to continuing to work with the Greenlandic authorities to advance Pituffik for the benefit of all," he added.
FinnAust shares were down 1.4% to 6.49 pence per share on Wednesday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.