Thanks
@Cougar1311, I would've normally answered such a question as
@Gartenfan queried but didn't notice it. Obviously, no one can be bothered looking at my historic argument with Mountainbike over permit, hahaha.. he got banned for that. So let me be clear (again), Wolfsberg project does NOT have issues with mining permits. It's a done deal. Dietrich is already mining it. Austria has a law that so long as you keep mining the site, it's a revolving permit... and the team ensures it's regularly mined... just not to scale.. yet. Went through legal fights over it so anyone who suggests otherwise, as a few did, you'd likely get a call from lawyers... as I've warned Mountainbike to stop his disinformation campaign. I didn't stop his musings except about "permits" for good reasons... but alas.. can't say I didn't warn him.. and I'm old and tired of having to often say I told you so. Don't care who listens who don't, not my business, so I just hope he's keeping himself stress free and enjoying life... but I digress.
What exactly are we waiting for then (people may ask)?
EIA - Environmental Impact Assessment. Although the project's underground mine (important word "underground" ) the EIA relates to the building at the tail end of the mining site, at the bottom of the mountain, although discrete would be visible, along with the portion of the forest that needs clearing and ensuring that there are no pollution eg. dust, noise, etc etc. It is where ore complete the process and where spodumene is essentially trucked from there to rail (note the new rail and trains being built by Austrian Govt completes in 2025), then rail to Trieste Italy for shipping cargo to be sent to Saudi Arabia. Hence we are also waiting on update (per my recent post) where exactly will the hydroxide plant the Saudis will be funding for us will be built in the country (I could crack a guess but I'd rather not speculate).
It's important to read the recent announcement about the EIA, then if you want more information either get in touch with the company or have someone look into it. Austria is part of the EU, so that assessment is universal.
The announcement referred to fast tracking the EIA processing. A fast track is 6-8 weeks, if I remember correctly. If it's not fast tracked then you're looking at years. But there is a silver lining! What would help EUR is EU's "Green Industrial Plan" - CRMA Act and NZI Act. CRMA in particular, which has passed the last amendment and hearing, now agreed by both EU Council and EU Parliament, poised to come into effect "early 2024" sorry don't know the exact date but I assume it's Jan-Feb 2024 - although I was right on the money since announcement in March 2023 that CRMA would go through many hearings and won't get passed until Dec 2023, I am not sure about either or both acts' effective date/s as I've been busy with North American investments diligence work, as we've moved on from Europe and have our "champions".
Thought I'd get ahead and answer follow up questions, which have often come up post the permit question. As always, another one of my signature long posts.
SRK Consulting and DRA Global were heavily involved in the planning.
I'd name EUR lawyers here but it depends on the "what" and I'm sure people can do their own diligence for that.
Risk: what most concern me, and I've said this multiple times for a long time, is that European banks don't fund mining businesses- they have no clue and inexperienced. Europe is asleep at the wheel and they will soon find themselves bickering over what could've should've would've, cursing US IRA and the rest, but really it's their NIMBY own fault and bureaucracy. So Dietrich's effort remains WIP I would assume... I've already assumed had loan applications declined... but that's why we're listing on Nasdaq to begin with... the great American capitalism. Perfect timing too! Lots of capital left equities during rate hikes and went into bonds etc, now rates are poised to get cut, plenty of investors and fund managers, particularly mining and manufacturing for the "electrification revolution" are, I would use the word crazily hunting for undervalued businesses.
I am excited for EUR shareholders, for Tony and team's effort. Once we list on Nasdaq in a few weeks, it's game on!
Now where's the Saudi announcement at? Would be nice to get an update before heading back to the States.
(20min delay)