NextSource Materials Receives Conditional Approval for Global Environmental Permit for Molo Graphite Project
15 Januar 2019 - 1:00PM
NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRCF) (“NextSource” or
“the Company”), is pleased to announce that it has received
conditional approval for its Global Environmental Permit for the
Molo Graphite Project from the Madagascar Ministry of Environment’s
Office National pour l'Environnement (the National Office for the
Environment; or “ONE”). The Global Environmental Permit will be
granted to NextSource upon receiving its Mining Permit.
CONDITIONAL APPROVAL OF GLOBAL
ENVIRONMENTAL PERMIT
The Global Environmental Permit was
conditionally approved by the ONE based on the following
accomplishments by NextSource:
- Successful completion of the Environmental & Social Impact
Assessment (“ESIA”) and Relocation Action Plan (“RAP”) to
International Finance Corporation (IFC) performance standards and
World Bank standards.
- Successful completion of local and regional stakeholder and
community engagement, with overwhelming support from both the local
community and local government, as well as the regional
government.
- Successful negotiations and signed agreements with all
potentially affected land occupants to accept compensation for any
affected crops and grazing land, and relocation if
needed.
- Successful completion of the ONE’s technical evaluation process
(a 6-month process that commenced June 6, 2018) and consisted of a
site visit and four separate community consultations.
- Approved capital investment certification from the Bureau du
Cadastre Minier de Madagascar (the Mining Cadastre Office of
Madagascar), or “BCMM”.
- Receipt of Cahier des Charges Miniér (mining specification)
from the BCMM as pre-requisite to submitting the ESIA & RAP to
ONE for review.
- Joint agreement and signature of the Cahier des Charges
Environnementales (environmental specification) with the ONE, with
their full support for the development of the Molo Graphite
Project.
NextSource President & CEO Craig Scherba
commented, “The conditional approval of the Global Environmental
Permit is a significant achievement for the Company, and is the
culmination of extensive base line studies, community consultations
and environmental impact assessments while proactively working with
all stakeholders, including the Madagascar government. Our choice
to adopt IFC and World Bank Performance Standards during this
process reflects NextSource’s commitment to
responsible environmental stewardship and will ensure that the
Molo Graphite Project will adhere to and operate at the highest
international benchmark for environmental standards. The Company
would like to thank the staff within the Ministry of the
Environment for their diligence in reviewing and supporting
NextSources’ Global Environmental Permit application. With the
Mining Permit currently being reviewed, the Company expects all
required approvals to be in place shortly which will allow
NextSource to quickly move towards the financing and construction
of the Molo Graphite Project.”
ABOUT NEXTSOURCE MATERIALS
INC.
NextSource Materials Inc. is a mine development
company based in Toronto, Canada, that is developing its 100%-owned
Molo Graphite Project in southern Madagascar. The Molo Graphite
Project is a feasibility-stage project and ranks as one of the
largest-known and highest quality flake graphite deposits in the
world and the only project with SuperFlake® graphite.
In addition to the Molo Graphite Project,
NextSource has 100% ownership of its NI 43-101 compliant Green
Giant Vanadium Project, located just 12 kilometres from the Molo
Project. The Green Giant Project is a rarely occurring
sedimentary-hosted deposit that also ranks as one of the
largest-known and highest in-situ grade vanadium resources in the
world.
For further information contact:
+1.416.364.4911Brent Nykoliation, Senior Vice President, Corporate
Development at brent@nextsourcematerials.com or Craig Scherba,
President and CEO at craig@nextsourcematerials.com
Safe Harbour: This press release contains
statements that may constitute “forward-looking statements” or
“forward looking information” within the meaning of applicable
Canadian securities legislation. Readers are cautioned not to place
undue reliance on such forward-looking information. Forward-looking
information in this press release includes, but are not limited to,
the receipt of the Global Environmental and Mining permits and all
other approvals and the timing thereof, the financing and
construction of the Molo Graphite Project, and the operation of the
Molo Graphite Project including adherence to certain environmental
standards. These are based on current expectations, estimates and
assumptions, and although the Company believes the expectations
expressed in such forward-looking information are based on
reasonable assumptions, actual results or developments may vary
and, in some instances, differ materially from those anticipated by
the Company and described in the forward-looking information
contained in this press release. There are risks that the
aforementioned permits will not be issued or timing may be delayed.
No assurance can be given that any of the events anticipated by the
forward-looking information will transpire or occur or, if any of
them do so, what benefits the Company will derive there from. Other
risks relating to the permits, the Molo Project and the Company can
be found in the Company’s Annual Information Form for the year
ended June 30, 2018 available at www.SEDAR.com. The forward-looking
information contained in this news release are made as at the date
of this news release and the Company does not undertake any
obligation to update publicly or to revise any of the
forward-looking information, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities laws.
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