(Sharecast News) - Mineral and Financial Investments announced a significant development in its investments in Redcorp Empreendimentos and Ascendant Resources on Wednesday, which are jointly spearheading the Lagoa Salgada Polymetallic Project in Portugal.
The AIM-traded firm's update revolved around submitting the environmental impact assessment (EIA) for the Lagoa Salgada Project, signalling progress and adherence to regulatory requirements.
It said the EIA, a crucial milestone in the project's development, had been completed by Ascendant and Redcorp and officially submitted to the Portuguese environmental authority, Agência Portuguesa do Ambiente (APA).
Approval of the EIA was expected by the middle of the year, paving the way for the subsequent phases of the project.
Following the EIA's approval, Redcorp would proceed to the resource and assessment of the compatibility with environmental requirements (RECAPE) phase.
The project would be meticulously assessed during that stage to ensure it aligned with all established environmental criteria.
In parallel with the advancements, an application was also made to construct a 30 MW photovoltaic plant.
Mineral and Financial maintains a conditional 20% carried interest in Redcorp, while Ascendant Resources holds the majority interest in the Lagoa Salgada Polymetallic Project.
"We are very pleased with the continued progress Ascendant and Redcorp are making," said chief executive officer Jacques Vaillancourt.
"This is evidenced by the EIA assessment, which is the summation of an extensive and detailed period of study and analysis by the Redcorp team and consultants.
"This submission reflects the next step in bringing the Lagoa Salgada project into full development and eventual production."
Vaillancourt said the board believed the extensiveness of the EIA submission and project development work demonstrated Redcorp's commitment to the advancement and value of the Lagoa Salgada Project.
"[It] represents a key step forward for the Lagoa Salgada Project on its development path to become the next operating mine in Portugal, which could contribute significantly to the country and local communities in which the project is located."
Reporting by Josh White for Sharecast.com.
Mineral & Fin (MAFL)