Mineral & Financial Investments Ltd (AIM:MAFL) has announced the submission of an environmental impact assessment for the Lagoa Salgada polymetallic project in Portugal.
The submission was made to the Portuguese environmental authority in late December, M&F said on Wednesday, with approval expected midway through this year.
“This submission reflects the next step in bringing the Lagoa Salgada project into full development and eventual production,” chief executive Jacques Vaillancourt said.
M&F owns a 20% interest in the project, which is managed by Ascendant Resources Inc, through subsidiary Redcorp Empreedimentos Mineros Lda.
“The extensiveness of the submission and project development work demonstrates Redcorp's commitment to the advancement and value of the Lagoa Salgada Project,” Vaillancourt added.
“[It also] 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.”
Following approval of the environmental assessment, Ascendant would compile a project execution report after which a formal construction decision could be made, M&F added.
Plans for a complementary solar plant at the site are also set to be submitted, the firm said, in order to secure renewable energy to power future mining operations.