Arcadia Minerals Limited (ASX: AM7ENG:8OH) announced a series of important updates related to its Swanson Tantalum project in Namibia. In a significant development, a mining license and Environmental Clearance Certificate (ECC) for Swanson has been granted to Arcadia’s 80% subsidiary, Orange River Pegmatite (Pty) Ltd (ORP). Less than a year after listing on the ASX, Arcadia’s continued pursuit of Swanson has advanced the tantalum and lithium project to final feasibility.
The company is targeting a diverse suite of tantalum, lithium, nickel, copper and gold mining projects in Namibia.
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Mining permit and environmental authorization obtained
The mining license application was submitted on May 22, 2020. The mining license was granted by the Minister of Mines and Energy of Namibia on June 3, 2022. The license gives ORP the authority to proceed with the development works necessary for mining and operations of base and rare metals, industrial minerals and precious metals. The license is valid for 15 years until May 18, 2037.
Swanson Mining License Area Source: Arcadia Minerals June 7, 2022
The mining license can be renewed by applying 12 months before the expiry date, in accordance with the Minerals (Prospecting and Mining) Act 1992. Renewal is subject to the presence of minerals to which the mining license relates in sufficient quantity for economic activities.
Moreover, the renewal cannot be refused by the Minister, if the holder has complied with the terms of the mining permit, has proposed mining operations and has spent the required capital for the purposes for which the mining permit was granted.
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An Environmental Clearance Certificate has also been received by ORP to complete the proposed development of the Swanson Tantalite Mine and commence operations in accordance with ORP’s Environmental Assessment Report and Environmental Management Plan.
Definitive feasibility study to be finalized by September
Currently, Arcadia is completing a definitive feasibility study for the Swanson Tantalum Project to produce a tantalum concentrate containing a minimum metal content of 25%. The study is progressing well and is expected to be completed by September 2022.
AM7 shares traded at AU$0.22 on June 7, 2022 with a market capitalization of AU$18.81 million.
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