The EIA conducted by WSP Danmark A/S ('WSP'), evaluates and assigns a rating on possible environmental impacts of the Project and considers mitigation measures. The majority of the Project impacts were assessed to be of low environmental risk.
Highlights
On environmental impacts of the Project, using a scale of very low, low, medium and high, sixteen out of nineteen environmental impacts analyzed are assessed to be low or very low and three medium On environmental risks due to accidents and natural disasters, all three risks analyzed which include risk of tailings disposal from the Tailings Management Facility ('TMF') to the sea, contamination of land and fresh water and contamination of the sea due to shipping accidents are assessed to be of low environmental risk
Significant decarbonization has already been achieved with the proposed aerial conveyor that will haul downhill 35,000 tonnes per day of ore from the mine to the concentrator, will produce no CO2 and will generate electricity through regenerative braking
The subaqueous tailings deposit design will reduce the existing contamination in the area caused in the 1960's
Due to the environmentally friendly modularized infrastructure design, the construction, closure and decommissioning plan has a low footprint with low environmental risk of disturbance
The TMF water storage in Noret Inlet contains salt water which will be used as the process water source, negating the use of fresh water supply, and will be recycled and not discharged to the environment
Dr.
The studies relating to the independent EIA were prepared by WSP, an experienced environmental service provider with respect to mining and permitting operations in
The EIA submitted is based upon the development of the molybdenum proven and probable reserves contained in the Company's license as outlined in the Feasibility Study published in 2022. The Company anticipates production of 24.1 million pounds of contained molybdenum metal per year for twenty years. As the high-grade molybdenum is mined for the first half of the mine life, the average annual production for years one to ten is 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23% MoS2. During the approval process, the EIA may lead to modifications based on comments received from regulators and the consultation process and will aim to be consistent with the approved ToR EIA.
The Company is proactively working to achieve sustainability which includes global climate goals that are consistent with the decarbonization goals expressed by the northern European molybdenum steel and chemical end users. In addition,
About
The Project is supported by the
About Molybdenum and the
Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition (
Forward Looking Statements
This news release contains 'forward-looking information' (also referred to as 'forward looking statements'), which relate to future events or future performance and reflect management's current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'hopes', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes' or variations (including negative variations) of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the Company's objectives, goals or future plans, the Company's environmental and social assessment studies, results of discussions with stakeholders, future consumers, and other parties, and changes to the Company's plans as a result of such discussions, the Company's relationship with local communities, the Company's permitting process for the Project; statements, exploration results, potential mineralization, the estimation of mineral resources and reserves, and their valuation, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions.
These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the results of EIA reports on the Project being positive and allowing the Company's current plans with respect to the Project to be carried out; obtaining the permitting on the Project in a timely manner; no adverse changes to the planned operations of the Project as a result of the EIA; continued favourable relationships with local communities; current EU and other initiatives remaining in place into the future; expected demand for molybdenum in the EU and abroad; our mineral reserve estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the technical studies; estimated valuation and probability of success of the Company's projects, including the Malmbjerg molybdenum project; prices for molybdenum remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects; capital decommissioning and reclamation estimates; mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner or at all and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements and information include known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the favourable results of the EIA; favourable local community support for the Project's development; the projected demand for molybdenum both in the EU and elsewhere; the current initiatives and programs for resource development in the EU and abroad; the projected and actual effects of the COVID-19 coronavirus on the factors relevant to the business of the Corporation, including the effect on supply chains, labour market, currency and commodity prices and global and Canadian capital markets, fluctuations in molybdenum and commodity prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the
These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information.
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