Dundee Precious Metals Receives Court Decision on Permitting Process for the Loma Larga Project in Ecuador
August 29 2023 - 7:30AM
Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or
“the Company”) announced that a decision on the appeal of the
Constitutional Protective Action (the “Action”) filed against the
Ministry of Environment, Water and Ecological Transition (“MAATE”)
was delivered by the Provincial Court of Azuay in Ecuador.
Based on the Company’s preliminary analysis, the
decision reaffirmed DPM’s mining concessions for the Loma Larga
project, and clarified that free, prior and informed consultation
of certain local indigenous populations must be carried out by the
state, which the Company had already planned as part of its
development of the project. The decision also held that
environmental consultation with communities in the project’s area
of influence and certain additional reports on the impact of the
project on water resources and the Quimsacocha National Recreation
Area would need to be provided by the MAATE to the Court prior to
advancing the project to the exploitation phase.
“As we assess the court’s decision, we remain
committed to the highest applicable standards for environmental
protection and stakeholder engagement in-line with International
Finance Corporation standards,” said David Rae, President and Chief
Executive Officer. “DPM will be engaging with the government to
outline the next steps for the consultation activities and, based
on the extensive environmental work completed to date, we will work
with MAATE to provide any additional detail as quickly as
possible.”
“We will continue to take a disciplined approach
to future investment and advancement of the Loma Larga project
based on the receipt of key milestones and the overall operating
environment in country.”
As it completes its legal assessment of the
decision, DPM will be seeking clarification on the requirements for
the additional reports, the indigenous and environmental
consultations and the steps needed for DPM to resume planned
drilling campaign in support of the updated feasibility study.
About Dundee Precious Metals
Inc.
Dundee Precious Metals Inc. is a Canadian-based
international gold mining company with operations and projects
located in Bulgaria, Namibia, Ecuador and Serbia. The Company’s
purpose is to unlock resources and generate value to thrive and
grow together. This overall purpose is supported by a foundation of
core values, which guides how the Company conducts its business and
informs a set of complementary strategic pillars and objectives
related to ESG, innovation, optimizing our existing portfolio, and
growth. The Company’s resources are allocated in-line with its
strategy to ensure that DPM delivers value for all of its
stakeholders.
For further information please contact:
David Rae |
Jennifer Cameron |
President and Chief Executive
Officer |
Director, Investor
Relations |
Tel: (416) 365-5092 |
Tel: (416) 219-6177 |
drae@dundeeprecious.com |
jcameron@dundeeprecious.com |
|
|
Cautionary Note Regarding Forward
Looking Statements
Forward Looking Statements are statements that
are not historical facts and are generally, but not always,
identified by the use of forward looking terminology such as
“plans”, “expects”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “guidance”, “outlook”, “intends”,
“anticipates”, “believes”, or variations of such words and phrases
or that state that certain actions, events or results “may”,
“could”, “would”, “might” or “will” be taken, occur or be achieved,
or the negative of any of these terms or similar expressions. The
Forward Looking Statements in this news release include, without
limitation, statements with respect to requirements for and DPM’s
engagement with the government and local stakeholders to advance
the Loma Larga project. Forward Looking Statements are based on
certain key assumptions and the opinions and estimates of
management and its advisers, as of the date such statements are
made, and they involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
other future results, performance or achievements expressed or
implied by the Forward Looking Statements. Such factors include,
among others, the lack of certainty with respect to foreign legal
systems, lack of clarity in the requirements for consultation and
other additional requirements to be met by the state and DPM in
order to advance the project to the exploitation phase, NGO
activism, risks inherent to conducting business in a foreign
jurisdiction, where political instability is greater than in Canada
and those risk factors discussed or referred to in any other
documents (including without limitation the Company’s most recent
Annual Information Form) filed by the Company from time to time
with the securities regulatory authorities in all provinces and
territories of Canada and available on SEDAR+ at www.sedarplus.com.
The reader has been cautioned that the foregoing list is not
exhaustive of all factors which may have been used. Although the
Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in Forward Looking Statements, there may be other
factors that cause actions, events or results not to be
anticipated, estimated or intended. There can be no assurance that
Forward Looking Statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The Company’s Forward Looking
Statements reflect current expectations regarding future events and
speak only as of the date hereof. Unless required by securities
laws, the Company undertakes no obligation to update Forward
Looking Statements if circumstances or management’s estimates or
opinions should change. Accordingly, readers are cautioned not to
place undue reliance on Forward Looking Statements.
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