Aim- and JSE-listed Europa Metals has formally submitted the initial documentation for obtaining an exploitation licence for its 100%-owned Toral lead/zinc/silver project, in Spain.
The initial document contains a conceptual plan for the Toral project based on the findings of the scoping study.
Feedback during the requisite review period of 30 days, will then be used to structure the environmental parameters for a full exploitation licence for Toral and enable a first impression on the appropriateness of the Toral project being developed into a future mining operation.
Commenting on the submission, Europa executive director Laurence Read highlighted community support and backing at all levels for a new mining project as an essential step in the resources industry.
He added that with the previously announced legislative changes in land use for mining within the Castilla y León region, which is aimed at clarifying the permitting process through standard environmental impact assessment for metal mining projects driven by the regional government, the company looks forward to progressing Toral towards a development decision.
Europa in March announced the results of a scoping study for Toral, which is based on an inferred resource estimate of 16-million tonnes at 7.5% zinc equivalent with lead and silver credits in accordance with the Joint Ore Reserves Committee code, issued in 2012, which will be the subject of further investigation as part of the planned prefeasibility and feasibility studies in due course.
The study calculated that the project has a net present value of $110-million, at an 8% discount rate, and an internal rate of return of 24.4%. The scoping study estimates $33-million in capital expenditure (capex) for a proposed 450 000 t/y design capacity plant and a total capex of $110-million.