East Asia Minerals Corp. (EAMC) has announced a meeting of North Sulawesi government and community representatives was held on 2 September 2020, and the company received notice of the approval of the AMDAL environmental report for the Sangihe Gold Project in Indonesia. In furtherance of the issuance of the final permit, the company is now attending to the preparation and submission of the necessary filings to complete the process. The company expects the permit will be issued in the next few days and will immediately apply for an upgrade of the licence to 30-year operation production status.
Terry Filbert, Chairman and CEO of EAMC, commented: “This is a milestone achievement for EAMC, and I am very proud of the team for meeting all of the necessary requirements to get the Sangihe project approved for the AMDAL licence. Since joining EAMC in 2017, this has been my primary focus despite challenging markets for venture mining.”
“The timing has been fortuitous and impeccable given the recent rising of gold prices. The company was able to take advantage of the delays we experienced waiting for the AMDAL environmental meeting to be held to initiate many of the steps necessary to secure the production licence, and prepare for construction.”
In the last few weeks, the company signed an agreement and commenced the land survey work required for the land acquisition, completed the mining reclamation plan, paid all of the ancillary financial obligations, and completed all regulatory requirements to obtain the production licence.
Before the production licence is issued, the company must pay US$400 000 for past and current deadrent. Deadrent is the annual mining licence tax paid to the federal government based on a cost per hectare for the area assigned in the contracted Sangihe gold area. The company plans to use funds received from the current warrant exercises to pay this financial obligation.
Read the article online at: https://www.globalminingreview.com/finance-business/04092020/east-asia-minerals-receives-amdal-environmental-permit-approval/