ASX-listed Centaurus Metals will resume the environmental licensing process for its maiden drilling programme at the Salobo West copper/gold project, in Brazil, after an earlier decision to deny the company a drilling and clearing licence was overturned.
The key environmental agency responsible for the approvals, ICMBio, has reportedly reconsidered its preliminary findings handed down in May, and has now given the go-ahead for the licensing process to resume.
The agency now agrees that the Salobo West project in the world-class Carajás region meets the requirements for clearing and drilling activities and has said that a normal environmental process for exploration in a forested area could proceed.
Centaurus MD Darren Gordon announced in a statement on Friday that the company would restart all activities associated with securing the licence – the main activity being the completion of a vegetation inventory over the areas where clearing and the initial 30-hole drilling programme are planned.
“Salobo West ticks every box for us as a world-class exploration opportunity, given its location and geological setting. We are really looking forward to completing the remaining requirements to gain necessary drilling clearances later this year and getting on the ground to drill as soon as possible,” he said.
Investors reacted favourably to the news, with the company’s stock trading 12.5% higher at 0.09c a share.