Environmental approvals are progressing in line with Volt’s expectations with a site verification visit and a technical review completed.
As a result, further information has been sought by authorities for inclusion in the Environmental Social Impact Statement (ESIS).
Volt is preparing this information and expects to submit the amended ESIS to the National Environment Management Council (NEMC) within the next week.
Subject to meeting NEMC requirements, the amended ESIS will be sent to the Department of Environment and the Minister will provide a decision within 30 days.
Resettlement Action Plan completed
Volt has also completed a Resettlement Action Plan (RAP) and the associated valuation report of compensation payable to people affected by the project.
The RAP has been approved by the government’s chief valuer and is nearing approval completion at district and regional levels.
Drafting of the implementation plan for the RAP is underway.
Volt has been working closely with authorities to ensure this process is compliant with legislation and that all people affected by the development are appropriately compensated.
Mining licence application progresses
The mining licence application for Bunyu is progressing.
It is awaiting the appointment of the Minerals Commission, the body which approves the applications, as well as receipt of an environmental certificate.
The company expects that the stage I feasibility study for the project will be completed this quarter.
Timing has been adjusted due to delays in sample exports in Tanzania.
These delays have impacted the delivery of stage I resource and reserve calculations, the mine production schedule and associated product revenue and mining and processing costs.
Volt says the delays are expected to have minimal to no impact on the overall development schedule.
Tanzanian regulators are reviewing the company’s draft prospectus for a US$40 million note issue.
There is no prescribed timeframe for completion of the reviews by the Tanzanian Capital Markets and Securities Authority and the Dar es Salaam Stock Exchange.
Based on previous note issues, the initial review generally takes three weeks to receive feedback and Volt expects to receive it later this month.
Following this, Volt and its advisors will make any requested changes and re-submit the
prospectus to the regulators for final approval.
The prospectus will then be distributed to investors in East Africa to begin the fundraising process.