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Evion Group (ASX: EVG) has received a formal notice from the Mines Ministry in Madagascar that it will fast-track the issue permits for the Maniry graphite project. The ministry has now completed its assessment of Evion’s applications for the conversion of its final two exploration (PR) permits to mining permits.
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The ministry has confirmed that the company’s application for mining permits meets all substantive requirements for the new mining code and is “technically ready for processing of mining permit approvals.”
“We see this notice as a major milestone toward the development of the EU-endorsed Maniry graphite project,” Evion MD, David Round, said.
“The final issue of permits is a very significant step toward our plans to conclude offtake agreements, initiate our financing plans and to commence construction in the short term. We also expect that environment permitting can be completed in the short term.”
He continued: “The support from our partners in the process has been significant, and we are grateful to our advisers for their assistance in this process as Madagascar transitions its mining industry to become one of the world’s largest suppliers of graphite to Europe and the USA for the future.”
Evion’s positive news on the Madagascar mining permit approvals comes hot-on-the-heels of an announcement earlier this week that the European Union has concluded an agreement with the Madagascan government to provide over US$100M in funding for a range of projects in the short term.
The financing agreements cover a range of infrastructure, health and community development plans, all designed to strengthen the local economy and provide for the Madagascan businesses and resources to be integrated into worldwide value chains. The Maniry project has already been officially recognised by the EU as a strategic project under its Critical Raw Materials Act.
Maniry has an initial estimated project life of 21 years and will produce an average of 35,000 to 45,000 tonnes per annum in stage one.
EVG is up +3.57% to 3.9c today.
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