Silver Mines Ltd (ASX:SVL, OTC:SLVMF) remains fully committed to progressing the Bowdens Silver Project near Mudgee in Mid-West New South Wales including obtaining all relevant permits and development consents required to develop and begin production at the project.
This commitment follows the NSW Supreme Court, Court of Appeal, upholding an appeal by the Bingman Catchment Landcare Group Incorporated.
Silver Mines highlights that the Appeal proceedings challenged the administrative process taken by the IPC in deciding to grant the development consent for the project.
It says the Appeal was primarily centred on whether the IPC failed to fully consider the impacts of a potential transmission line to power the project, which was proposed to be approved via an alternate approval pathway.
New Development Application
The company said it was urgently working towards the preparation and submission of a new Development Application for the project, which will include a defined power supply option.
As well the company remains on track to this year complete an optimisation study for the project which was started in 2023 and is demonstrating that Bowdens can potentially be developed and operated with even less environmental impact than the 2018 feasibility study design.
Optimisation plans
Current optimisation plans include a reduced development footprint across the open pit mine, waste rock emplacement and the tailings storage facility.
The 2018 study indicated the project’s development will produce a total of 52.9 million ounces of silver, 108,000 tonnes of zinc and 79,300 tonnes of lead over an initial 16.5-year mine life.
Critical minerals
Providing encouragement for the company in its plans for Bowden is the NSW Government’s firm commitment to further activate the State’s potential in critical minerals and high-tech metals. Silver and zinc are included in the Government’s Critical Minerals and HighTech Metals Strategy.
This strategy recognises that the NSW minerals sector is an engine industry for the regional economy, generating thousands of jobs and billions of dollars in investment.
Project benefits
The company said that the project would create more than 320 direct jobs during construction and over 220 full-time direct jobs, delivering long-term economic and social benefits for the State of NSW and local communities across the Mid-Western Regional Council area.
In a statement, the company said: "The board of Silver Mines is very aware that the decision handed down by the Court of Appeal may create significant uncertainty within the broader, supportive community throughout the Mid-Western region.
"As such, the company will be in regular consultation with key community stakeholders to reaffirm its support across all areas of community engagement and existing sponsorship programs."
Shares higher
Investors have welcomed the update and project progress, with Silver Mines shares as much as 23.53% higher in ASX trading this morning to $0.105.