TORONTO (miningweekly.com) – Project developer Arianne Phosphate has received the green light to proceed with construction of its flagship Lac à Paul project, located in Quebec's Saguenay-Lac-Saint-Jean region.
After receiving approval from the Quebec provincial government, Arianne’s TSX-V-listed stock jumped about 11.5% in afternoon trading to C$0.97 apiece.
"There could not have been a better way to end the year for Arianne and the region as a whole. The ministerial decree represents the most significant milestone to date for the project and with it, Arianne now has the permission it needs to go ahead with the development of its proposed $ 1.2-billion phosphate project,” Arianne COO Sebastien David remarked.
The next priority for Arianne would be to secure financing for the Lac à Paul mine.
With the ministerial decree in hand, Arianne was now better positioned to continue its ongoing discussions with potential corporate, strategic and financial partners. As evidence of the provincial government’s ongoing support of the Lac à Paul project, Arianne recently participated in an economic mission to New York City, led by Minister Pierre Arcand, Minister of Energy and Natural Resources and Minister responsible for the Plan Nord.
The Lac à Paul deposits were expected to produce a high-quality igneous apatite concentrate grading 39% phosphorus pentoxide, with little or no contaminants.