RE:CGT - FYIPRESS RELEASE GlobeNewswire Oct. 3, 2019, 08:00 AM
Montagne d’Or Project Permitting The Montagne d’Or joint-venture is making good progress to develop a compatible mining project that meets the French government’s expectations on environmental protection, which will also take into account provisions of the new Mining Code currently being drafted.
In this regard, additional engineering studies are currently underway for committed project improvements and modifications, which are anticipated to be completed in the first quarter of 2020. An US$18 million project permitting and stakeholder engagement budget was allocated for 2019-2020, which includes funds to complete engineering studies and for the submission of the mining and environmental authorisations and construction permit applications to the French authorities.
Upcoming milestones for mine permitting include:
- Grant of mining concession renewals;
- Completion of technical studies for committed project modifications; and
- French Mining Code reform.
Reform of the French Mining Code Last May, the French Minister of Environment announced a reform to the Mining Code. The consultation phase has now been launched. The draft is expected to be presented to the Council of Ministers in February 2020, which will include specific provisions for French Guiana.
The project aims to clarify the objectives and principles of the French mining model and to better take into account the environmental and socio-economic issues of the territories and improve public participation.
IMHO, as the continued press release above indicates NG is busy trying to make its new project report meet the following – - The concerns of the FG public discussion already held.
- Designing a mine that meets the new French Mining Code which itself is not out publicly yet, but is in some form available to NG, who, in fact, may well be helping to shape the new code as they attempt to design the most transparent, environmentally friendly mine on earth.
- Including in the project updated limits on new extensions to pit limits+ in fill drill data (new P&P + inferred) as well as potential new depth of mine details, plus data to meet the ESIA requirements (meant to be out 6 months ago).
Clearly, this is extremely detailed and arduous work as the 2019-20 funding of $18 mill indicates (for which CGT has fortunately no responsibility). As I have suggested in the past I am positive on the overall success of the mine permit but the time line is likely to be frustratingly longer (pray no anti project legal action).
Without the permit IMO no publicly owned (watch shareholder reaction to such a move – ‘no permit!’) gold company is likely to attempt a CGT buyout (unless its privately owned NG with a very low ball offer – which would also be a useful guide to the chance of permit success).
With the permit, much catalyst mine build news and a gold price at around 1500 per oz or higher we will see a significantly higher CGT share price (e,g, just look at Barrian’s sp; a company which has nothing to show except two of AUAU’s projects vs both CGT and AUAU present sp).
GLTA -
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