LONDON (Alliance News) - Berkeley Mineral Resources PLC shares dropped on Wednesday after the company said the Zambian Environmental Management Agency has decided to defer its Berkeley's environmental impact statement for the Kabwe project while it consults with relevant organisations.
Berkeley Mineral Resources shares were down 25% to 1.34 pence at midday, making them the top AIM ALL-Share faller.
The AIM-listed resource company said that it has been provided with a letter by ZEMA confirming the most important points of of its environmental impact statement for the lead-zinc recovery project and copper processing plant at Kabwe.
Berkeley Mineral Resources said ZEMA's letter states that it has now reviewed the EIS submitted, the written and verbal comments from interested and affected parties, and its own site verification findings.
However it has decided to defer the project while it consults with certain key industry advisers.
The company said that it does not expect the decision to cause significant delay in the final approval process for the Kabwe project and Berkeley Chairman Masoud Alikhani said the company "will continue to ensure we are in readiness to begin our processing plans once we have approval."
In May, the firm said it had not received a decision by the ZEMA over the deployment of its Kabwe plant but that it expected the decision imminently, and it had been carrying out essential clearance works along with upgrading some operations in readiness for the start of processing at the site.
The company had said in April that its proposals for its Kabwe project and copper processing plant were approved at a public meeting, and that it was expecting the ZEMA decision shortly.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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