Mineral & Financial Investments Ltd (LON:MAFL) has told investors that its 75% owned associate Redcorp Empreedimentos Mineiros expects to publish a preliminary economic assessment (PEA) of the Lagoa Salgada polymetallic project, in Portugal, later this month.
In a statement ahead of its AGM, on 27 January, MAFL noted that the PEA had initially been anticipated by October 2019.
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MAFL also noted that it has received a US$500,000 cash payment through its earn-in agreement with Ascendant Resources, marking the third such payment under the deal.
The earn-in arrangements allow Ascendant to acquire up to 80% ownership of Redcorp – by spending US$9mln on the Lagoa Salgada project plus a total of US$6mln of payments to MAFL. Some US$1mln has so far been received by the London listed natural resources investment company.
The AGM is being held at WH Ireland’s offices in London, on 27 January at 10:00am.