RE: Cmet30 Sep 2021 20:17
not seeing anything new here really. Agree DRJJ it is good to see TEC was in July.
Only small flag I see is in Director's Statement (risks):
Conversion into mining rights and receipt of other permits
The DEL Exploration License was first issued to DEL on 5 June 2010 and had previously been renewed on 6 July 2012, 17 September 2014, 1 November 2016 and 31 October 2018. The DEL Exploration License expired on 31 October 2020. The forms of application that are included in the regulations issued under the laws of Sri Lanka have been formulated to indicate that the fourth renewal of an exploration license is the final application that may be made for renewal of an Exploration License.
The Geological Survey and Mines Bureau ("GSMB") has represented to DEL that, following the expiry of an exploration license, the GSMB in practice, allows the former exploration license holder for a period of two years from the date of expiry:
· Exclusive right over the former exploration license area to submit further IMLs should the former license holder wish to do so (in this case DEL, in respect of the DEL License area); and
· Exclusivity over the former exploration license area by refraining from accepting applications for any new exploration licenses from third parties.
DEL has submitted a formal application for an Industrial Mining License and such application is currently pending. In connection with this application, DEL has submitted an environmental impact assessment ("EIA") report, prepared by an independent and multi-disciplinary team of consultants. An approved EIA is required for the grant of an Industrial Mining Licence for the Project and the Group is in the final stages of the EIA process.
Notwithstanding the representations given by the GSMB, upon expiry of the DEL License, DEL will not hold any exploration rights in respect of the area covered by the DEL License until such time as an IML is granted.
Before the EMP can be brought into production, the IML Applications will need to be approved by the GSMB and further IML applications will need to be made by EML. In addition, the Group will require additional permits to extract and sell its production.
Accordingly, there is a risk that should the Group fail to obtain IMLs or attain any of the additional permits required to extract and sell its production, there is a risk that the Group would not achieve its key objective of developing the Project into commercial production. The Group is mitigating this risk by active engagement with the government and input from its multi-disciplinary team of consultants."
But I'm thinking this may not be that unusual.
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