Element 25 Ltd
Element 25 Ltd (ASX:E25) is listed on the Australian Securities Exchange.
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Element 25 opens higher after grant of key mining lease for Butcherbird Manganese Project
Element 25 Ltd (ASX:E25) opened higher after being formally granted the mining lease M52/1074 for its Butcherbird Manganese Project by the Western Australian Department of Mines, Industry Regulation and Safety, paving the way for the formal lodgement of mining approval documentation.
The mining lease, which has been granted for 21 years, advances the company's staged development strategy to generate early cashflows with a low capital requirement for stage-1.
This will be followed by expansion into downstream processing to produce high purity manganese.
Shares are almost 10% higher at 44.5 cents.
"Pivotal step"
Managing director Justin Brown said: "The grant of the mining lease at Butcherbird is a pivotal step in the development of this world-class project and puts the company in a position to fast-track the project towards commencement of production and cashflows."
Several relevant approvals required to begin mining are well advanced and will be lodged within the coming weeks.
A pre-feasibility study (PFS) released in May 2020 demonstrated outstanding economics with respect to the production of manganese concentrate, confirming the potential for robust, long-life operations with strong operating margins.
Element 25 now intends to expedite project delivery and commence production as soon as practicable.
Other Element 25 Ltd news
- Element 25 raising up to $5 million to accelerate Butcherbird Manganese Project development
2020-07-06 - Element 25 drilling to confirm process water supply at Butcherbird Manganese Project
2020-06-26 - Element 25 final access milestone paves way for grant of mining lease
2020-06-22 - Element 25 ready to resume business as usual as WA restrictions ease
2020-05-18 - Element 25's Butcherbird High-Purity Manganese PFS due for completion this quarter
2020-04-24
