Active Energy (LON:AEG) has been informed by Alberta’s Ministry of Aboriginal Relations that the investigation into its joint venture with three Métis Settlements is still ongoing.
The biomass group owns 45% of the joint venture, KAQUO, which was formed in July last year to commercialise 108,000 acres of forests owned by the three indigenous aboriginal groups (the Métis settlements of Peavine, Paddle Prairie and East Prairie in Alberta).
The inquiry is into how KAQUO was set up but Active Energy (AEG) added it had received written confirmation from the ministry that the management, administration and operation of AEG are not under investigation.
Richard Spinks, chief executive, said: "Whilst we share in everyone's frustration at the delays in finalising the investigation, the Board of AEG and our Métis partners in the KAQUO joint venture remain confident in receiving a positive outcome in the near future.
"A number of high-level meetings are anticipated in Alberta over the coming days which will represent important steps in securing government support for the major inward investment that KAQUO will be bringing to the province, and in finalising the due diligence process conducted by our international investment partner.”