14th Jul 2025 14:40
(Alliance News) - Mineral & Financial Investments Ltd on Monday said that its Portuguese subsidiary had permission to revise a mining plan, after regulators flagged concerns of environmental harm.
The Cayman Islands-based firm invests in mining companies such as Redcorp Empreendimentos Mineiros Lda, headquartered in Braga, Portugal. Redcorp will be able to alter and resubmit problematic elements of the plan, but does not need to restart the approval process.
The plan concerns the Lagoa Salgada Project, a joint gold venture with Canadian mining firm Ascendant Resources Inc. Mineral & Financial has 20% carried interest in Redcorp, while Ascendant holds the remaining 80% of the project.
Back in February, Ascendant agreed to an acquisition by Cerrado Gold Inc. Mineral & Financial held shares in both firms prior to the merger, and as of Monday, reported that it owns 1% of the combined entity.
Mineral & Financial noted that a feasibility study can be carried out at Lagoa Salgada while the plan is revised. Among the changes required are the elimination of cynanide from the production process, the preservation of local water resources, provisions of alternative boreholes which hold emergency water reserves, the implementation of a pollution monitoring system and improved design, to mitigate environmental damage.
Chief Executive Jacques Vaillancourt noted that environmental recommendations are being integrated into the feasibility study, which is due in September. He maintained confidence in securing approval "with minimal delay".
Redcorp has 180 days to submit the changes to the Portuguese Environment Agency. Recorp hopes to receive the final environmental impact statement in the first quarter of 2026.
"Cerrado and Redcorp have reiterated their strong commitment to developing the Lagoa Salgada project as a model of environmental and technical excellence, delivering value to local communities, stakeholders, and European critical raw materials supply chains," Mineral & Financial noted.
Mineral & Financial shares were 4.2% higher at 25.00 pence on Monday afternoon in London.
By Holly Munks, Alliance News reporter
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