Mexican environmental authority turns down Argonaut mine
Canadian miner Argonaut Gold CEO Pete Dougherty on Friday expressed the company’s disappointment with the decision by the Mexican environmental authority, Semarnat, to turn down the environmental impact assessment for the San Antonio project, in Baja California Sur.
The project failed to be approved, owing to zoning issues that Argonaut thought it had resolved through a 2016 Supreme Court ruling.
Argonaut said it was reviewing all its options, which included seeking an amendment to the La Paz 2018 zoning plan based upon the 2016 court ruling, submitting a revised environmental impact assessment and legal options.
“We have worked hard with the local community and have had positive feedback. We have tremendous support for the project from the local community of San Antonio and the surrounding areas, where members of the local population marched in support of the project and voiced unwavering support at the public information meeting during the MIA [environmental impact assessment] process. We continue to believe that San Antonio provides an opportunity for a model mine with the use of clean technologies that also provides near and long-term benefits to the region,” said Dougherty.
The company cautions that there is no assurance that permits will be issued and that permitting continues to be subject to regulatory processes of uncertain duration.
Argonaut is planning a mine producing an average of 69 700 oz/y over 15 years. The 2012 preliminary economic assessment puts the after-tax net present value for San Antonio at $206-million, using an 8% discount rate. The project will require an initial $84-million in capital expenditure.
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