Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Volt Resources on track with Tanzanian approvals process for graphite project

An amended Environmental Social Impact Statement is expected to be lodged within the next week.
Tanzania flag and man with clasped hands
A stage I feasibility study for the Bunyu project is expected to be completed this quarter

Volt Resources Ltd (ASX:VRC) continues to advance the approvals process at the Bunyu Graphite Project in Tanzania.

Environmental approvals are progressing in line with Volt’s expectations with a site verification visit and a technical review completed.

As a result, further information has been sought by authorities for inclusion in the Environmental Social Impact Statement (ESIS).

READ: Volt Resources Limited's Bunyu Graphite Project prepares for first production in 2018

Volt is preparing this information and expects to submit the amended ESIS to the National Environment Management Council (NEMC) within the next week.

Subject to meeting NEMC requirements, the amended ESIS will be sent to the Department of Environment and the Minister will provide a decision within 30 days.

Resettlement Action Plan completed

Volt has also completed a Resettlement Action Plan (RAP) and the associated valuation report of compensation payable to people affected by the project.

The RAP has been approved by the government’s chief valuer and is nearing approval completion at district and regional levels.

Drafting of the implementation plan for the RAP is underway.

Volt has been working closely with authorities to ensure this process is compliant with legislation and that all people affected by the development are appropriately compensated.

Mining licence application progresses

The mining licence application for Bunyu is progressing.

It is awaiting the appointment of the Minerals Commission, the body which approves the applications, as well as receipt of an environmental certificate.

The company expects that the stage I feasibility study for the project will be completed this quarter.

Timing has been adjusted due to delays in sample exports in Tanzania.

These delays have impacted the delivery of stage I resource and reserve calculations, the mine production schedule and associated product revenue and mining and processing costs.

Volt says the delays are expected to have minimal to no impact on the overall development schedule.

READ: Volt Resources lodges draft prospectus to raise US$40 million for Bunyu graphite project

Tanzanian regulators are reviewing the company’s draft prospectus for a US$40 million note issue.

There is no prescribed timeframe for completion of the reviews by the Tanzanian Capital Markets and Securities Authority and the Dar es Salaam Stock Exchange.

Based on previous note issues, the initial review generally takes three weeks to receive feedback and Volt expects to receive it later this month.

Following this, Volt and its advisors will make any requested changes and re-submit the

prospectus to the regulators for final approval.

The prospectus will then be distributed to investors in East Africa to begin the fundraising process.

View full VRC profile View Profile

Volt Resources Ltd Timeline

Related Articles

Checking a Redmoor core sample
May 11 2018
The Redmoor project's inferred resource has 45,000 tonnes of contained tin equivalent.
Mkango
August 06 2018
Mkango chief executive William Dawes said the group was "excited" to commence what will be the largest drill programme to date at Songwe.
1534132715_757z468_1531811377_Gold-in-hand.jpg
Mon
The company is excited by the potential of its Albury Heath project in the Meekatharra area of Western Australia’s Mid West-Murchison region.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use