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Admiralty Resources receives final approval for iron ore project in Chile

Environmental impact declaration approval paves the way for mine development.

Drilling rig at Mariposa project
Drilling at Admiralty Resources project in Chile’s Atacama region

Admiralty Resources NL (ASX:ADY) has received environmental approval for its Mariposa Iron Ore Project in Chile, paving the way for mine development.

Chilean authorities have unanimously approved the environmental impact declaration (DIA) for the project which was prepared by Ambiental Chile SPA.

It is a major milestone for the company and follows almost 18 months of submissions and consultation with authorities.

Approvals process now complete

DIA approval completes the approvals process and Admiralty is now in a position to begin development of the project in Chile’s Atacama region.

The company is progressing technical evaluations and assessing options to advance investment.

Funding negotiations

In this regard, Admiralty is seeking to finalise funding negotiations with China Nuclear Industry 22nd Construction Co Ltd (CNI22), which has shown continued interest in the approvals process.

The company is also assessing engagement with a local mining company to extract the minerals as an alternative to direct mining.

Mariposa hosts a 174.5 million tonne resource at 24.5% iron at a cut-off grade of 15%, including 43.4 million tonnes in the highest measured category.

Quick facts: Admiralty Resources Ltd

Price: 0.012 AUD

ASX:ADY
Market: ASX
Market Cap: $13.91 m
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