LONDON (Alliance News) - Natural resources investor Armadale Capital PLC on Friday reported positive reviews of the Mahenge Liandu project's environmental & social impact assessment.
External consultants, Armadale said, have given the assessment for Mahenge Liandu the thumbs up. Mahenge Liandu is a graphite project in the south-east of Tanzania.
A plan also has been completed regarding decommissioning once mining is finished, and Armadale is on track to submit the environmental & social impact assessment to authorities by the end of April.
"We are very pleased with the speed at which the feasibility study is advancing as we look to advance the world-class Mahenge Liandu graphite project in south-east Tanzania and establish a significant high-grade graphite mine," said Armadale Director Nick Johansen.
"Both the environmental & social impact assessment and relocation action plan are integral to this process, enabling us to apply for a mining licence, so we are delighted with the findings that appear favourable," he continued.
"We are now completing our in-house work on these documents and look forward to submitting both to the National Environment Management Council shortly. Other multiple workstreams are ongoing regarding the feasibility study and commercial discussions related to the project; we anticipate updating the market with further progress in the near term."
Shares were up 14% on Friday afternoon at 1.34 pence each.
Armadale Capital (ACP)