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(Sharecast News) - Greatland Resources said on Tuesday that it had received the main Western Australian environmental approval for its Havieron gold-copper project, clearing another key step towards a final investment decision.
The AIM-traded company said approval from the Western Australian Minister for the Environment, under Part IV of the Environmental Protection Act, was received on 25 May following a recommendation from the state Environmental Protection Authority that the project be implemented subject to specified conditions.
The approval followed federal environmental approval from the Commonwealth Department of Climate Change, Energy, the Environment and Water under the Environment Protection and Biodiversity Conservation Act, which was received in April.
Greatland said both primary environmental approvals required for Havieron's development and operation had now been received.
The company said it was targeting a final investment decision in the current June quarter.
Tendering for critical-path project packages and early works are already under way, including boxcut tunnel installation, underground development and preparation for blind bore construction.
Managing director Shaun Day said receipt of both state and federal environmental approvals was an important milestone for Havieron and for Greatland.
He said Havieron was a substantial underground mining project that would deliver high-grade gold-copper ore to Greatland's Telfer processing facility.
"Once in steady state Havieron is anticipated to produce around 270koz of gold per annum at lowest quartile costs, with an initial mine life of 17 years," Day said.
He added that the development of Havieron, alongside Telfer life extensions, had the potential to underpin a multi-decade, world-class gold-copper mining hub in the Paterson Province.
At 0859 BST, shares in Greatland Resources were up 6.41% at 718.27p.
Reporting by Josh White for Sharecast.com.
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