Join our daily newsletter At The Bell to receive exclusive market insights
- Vimy Resources (VMY) gains approval for its Mulga Rock mining proposal and mine closure plan
- As a result of this, Vimy can begin development and operation of the Mulga Rock Project in accordance with its proposal, the mine closure plan and relevant tenements’ conditions
- The company’s next steps will involve acquiring an approval to construct industrial premises
- Vimy Resources is trading 2.56 up at 20 cents at 11:45 am AEST
Vimy Resources (VMY) has gained approval for its Mulga Rock mining proposal and mine closure plan.
Vimy’s WA flagship project, the Mulga Rock Project, is one of Australia’s largest undeveloped uranium resources.
The Western Australian Department of Mines, Industry Regulation and Safety approved the plan on September 29. This means under the Mining Act 1978, Vimy can begin the development and operation of the Mulga Rock Project in accordance with its proposal, the mine closure plan and relevant tenements’ conditions.
Vimy said it can now implement its early works program, including vegetation clearing, stockpiling of topsoil, excavation of overburden and construction of overburden landforms.
An earthworks contractor is now preparing to mobilise personnel and equipment to site as soon as possible ahead of an extensive 10-week schedule of work.
“Securing the approvals needed to commence ground disturbing activities at the Mulga Rock Project is a significant milestone for the company,” Interim CEO Steven Michael said.
“It allows Vimy to further de-risk the project by achieving ‘substantial commencement’ and continue on the path towards first production by 2025.”
Vimy’s next step will involve acquiring an approval to construct industrial premises.
Vimy Resources is trading 2.56 up at 20 cents at 11:45 am AEST.
