Europa Metals Ltd (AIM:EUZ, JSE:EUZ) confirmed on Monday that a formal licence application for the Toral mining project in Spain has been submitted.
All necessary documents covering restoration and environmental impact were submitted to the authorities of Castilla and Leon, Europa said in a statement.
These laid out an estimated 15-year lifespan for the mine, according to the lead, zinc and silver developer, which could see average production of 700,000 tonnes of ore annually.
“This milestone for the Toral project has been achieved over the last three to four years with the application of dedicated teamwork through the process of exploration, evaluation and the prosecution of planning,” executive chairman Myles Campion commented.
“The company has overcome a few hurdles during this period, Covid being one of them.”
Toral is fully owned by Europa, with the application coming under an exploration campaign agreement with Denarius Metals Corp.
Some 360 local jobs could be created through the project, Europa estimated, alongside a further 1,400 indirect opportunities.
“We now look forward to continuing our work with Denarius over the coming years,” Campion added.
“2024 will see the recommencement of drilling and work commence on a preliminary economic assessment.”