- Aguia Resources (AGR) shares take a knock on the news that licences for its Três Estradas Phosphate Project in Brazil could be subject to an injunction
- The presiding judge has ruled against the injunction at this stage, with Aguia and Rio Grande do Sul State Environmental Agency named as defendants
- Aguia says it is confident in the work carried out on the Environmental Impact Assessment and is willing to defend its case “vigorously”
- Aguia says it expects to be summoned within 30 days
- Company shares are down 21.1 per cent and trading at 6 cents at 11:50 am AEST
Aguia Resources (AGR) shares have taken a knock on the news that licences for its Três Estradas Phosphate Project in Brazil could be subject to an injunction.
The ASX-lister said a Federal Public Prosecutor in Southern Brazil filed a public civil action, seeking an emergency injunction to put a stay on the Preliminary Licence for the project, and to not proceed with granting its installation licence.
The presiding judge ruled against the granting of an emergency injunction however the defendants, namely Aguia and the Rio Grande do Sul State Environmental Agency (FEPAM), expect to be summoned within 30 days.
While the exact details of the case are unclear, Aguia said in an announcement today that it was “confident that the work carried out on the Environmental Impact Assessment was done so with upmost competence” prior to preliminary licence approval.
Aguia said it is prepared to “vigorously” defend these matters but is willing to settle in the interest of speeding up the process.
Aguia Managing Director Dr Fernando Tallarico commented: “Whilst these proceedings will create some delays with the construction phase of the TEPP, we are confident in the quality of the technical work undertaken during the EIA permitting process.
“We will continue to work diligently to resolve this matter and will keep shareholders updated on developments.”
Aguia Resources shares were down 21.1 per cent and trading at 6 cents at 11:50 am AEST.