ARMADALE CAPITAL PLC: Environmental and Social Impact Assessment Submitted
08 September 2020 - 9:45PM
UK Regulatory
TIDMACP
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector:
Investment Company
8 September 2020
Armadale Capital Plc ('Armadale' or 'the Company')
Environmental and Social Impact Assessment Submitted
Armadale Capital plc (LON: ACP), the AIM quoted investment group
focused on natural resource projects in Africa, is pleased to
announce that it has submitted the Environmental and Social Impact
Assessment ('ESIA') to the National Environment Management Council
('NEMC') of Tanzania for the Company's natural flake graphite from
its 100%-owned Mahenge Graphite Project ('Mahenge Liandu' or the
'Project') in south-east Tanzania.
Highlights
-- Completed one of the final necessary components in the Mining Licence
application process -the submission of the ESIA application to the NEMC
-- NEMC have now confirmed they will be conducting the field visit during
week commencing 14th of September 2020. This is one of the final steps
before recommendation for the granting of the environmental permit (EISA
approval) which will allow the granting of the mining licence.
Armadale Chairman, Nick Johansen, commented: "We are delighted
to announce another crucial step in the development of the Mahenge
Liandu Graphite Project with the completion and submission of the
Environmental and Social Impact Assessment, which is one of the
final necessary components in the Mining Licence application
process. I would like to thank all those involved for their efforts
and we look forward to working with the NEMC as we advance toward
the completion of this process.
"Alongside the progression toward receipt of the Mining Licence
for the Project, which will be an important de-risking milestone
for the Company, we maintain focus on finalising ongoing financing
discussions so that we can commence construction and realise the
value of Mahenge Liandu for the benefit of all stakeholders.
Accordingly, we continue to positively engage in development
funding options, including debt package and project level
development funding, and our offtake workstreams are also
progressing preparations to commence the Front End Engineering
Design study ('FEED')."
Full Details
Armadale remains focused on fast-tracking its Mahenge Liandu
Graphite Project in south-east Tanzania to production, which has
the potential to create pre-tax cashflow of US$985m over an initial
15 year mine-life. In line with this, the Company submitted the
Mining Licence application for the Project to the Department of
Energy and Minerals in Tanzania on 30 June 2020 and has now
submitted one of the final key components of this application
process, the ESIA, to the NEMC. Once approved by the NEMC, the ESIA
will be submitted to the Department of Energy and Minerals to
complete the application process. Other components of the Mining
Licence process include a Local Content Plan, a Human Resources
Plan, a Resettlement Framework and Mine Plans.
The ESIA application for the Project was submitted by Tanzanian
based, registered, and certified environmental consultants to the
NEMC in Tanzania. Armadale's geology staff and its environmental
consultants visited the Project area in late August to prepare for
a field visit by NEMC, which has been confirmed will commence on 14
September 2020. This is expected to be the final step before the
granting of the Mining Licence.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
**ENDS**
Enquiries:
Armadale Capital Plc
Nick Johansen, Non-Executive Director
Tim Jones, Company Secretary +44 (0) 20 7236 1177
Nomad and broker: finnCap Ltd
Christopher Raggett / Teddy Whiley +44 (0) 20 7220 0500
Joint Broker: SI Capital Ltd
Nick Emerson +44 (0) 1483 413500
Press Relations: St Brides Partners Ltd
Charlotte Page / Beth Melluish +44 (0) 20 7236 1177
Notes
Armadale Capital Plc is focused on investing in and developing a
portfolio of investments, targeting the natural resources and/or
infrastructure sectors in Africa. The Company, led by a team with
operational experience and a strong track record in Africa, has a
strategy of identifying high growth businesses where it can take an
active role in their advancement.
The Company owns the Mahenge Liandu graphite project in
south-east Tanzania, which is now its main focus. The Project is
located in a highly prospective region with a high-grade JORC
compliant Indicated and inferred mineral resource estimate of
59.48Mt @ 9.8% TGC, making it one of the largest high-grade
resources in Tanzania, and work to date has demonstrated Mahenge
Liandu's potential as a commercially viable deposit with
significant tonnage, high-grade coarse flake and near surface
mineralisation (implying a low strip ratio) contained within one
contiguous ore body.
Other assets Armadale has an interest in, include the Mpokoto
Gold project in the Democratic Republic of Congo and a portfolio of
quoted investments.
More information can be found on the website
www.armadalecapitalplc.com.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200908005552/en/
CONTACT:
Armadale Capital Plc
SOURCE: Armadale Capital Plc
Copyright Business Wire 2020
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