TSX-V-listed developer Millennial Lithium has received an environmental permit for its flagship lithium brine project, Pastos Grandes, in Salta, Argentina, lifting its share price by nearly 10% on Tuesday.
The declaracion de impacto ambiental (DIA) that the project received represents the Environmental and Mining Authority’s approval of the environmental impact assessment (EIA) for a 24 000 t/y battery grade lithium carbonate production facility at the Pastos Grandes lithium carbonate project.
The DIA is the main environmental approval document required for mining projects in Salta to proceed to the construction stage and to operate and Millennial pointed out that the Pastos Grandes project was currently the only active pre-construction phase project in the region with this milestone permit.
The approval, CEO Farhad Abasov said, was an important step in securing full support from the provincial and federal governments in its path forward to bring the Pastos Grandes project into production.
“We are pleased to have secured this approval which makes Pastos Grandes one of the most advanced lithium projects in the world,” he added.
Shares in Millennial closed 9.71% higher at C$1.13 apiece on Tuesday.