- Write by:
-
Wednesday, January 25, 2023 - 23:30:50
-
201 Visit
-
Print
Mining News Pro - Fortuna Silver Mines (NYSE: FSM) (TSX: FVI) reported Wednesday that the Mexican federal administrative court has granted a provisional injunction to allow the company’s San Jose mine to continue to operate under the terms of the 12-year environmental impact authorization (EIA).
Compañia Minera Cuzcatlan, Fortuna’s Mexican subsidiary, recently initiated legal proceedings to contest and revoke the annulment of the EIA in response to the resolution issued earlier this month by SEMARNAT (Secretaria de Medio Ambiente y Recursos Naturales), Mexico’s environment ministry.
In December 2021, SEMARNAT granted Minera Cuzcatlan a 12-year extension to the EIA for the San Jose mine. However, the ministry later issued a written notice claiming that it had made a typographical error in the EIA extension, and the correct term was two years instead. Minera Cuzcatlan subsequently challenged that claim in the federal court and won a favourable judgment in November 2022.
The January 2023 resolution now claims that SEMARNAT is required to re-assess the 12-year EIA extension to the EIA for the San Jose mine, which once again prompted the company to pursue legal protection.
The federal court has admitted the legal proceedings, and as a first step, granted a provisional injunction in favour of Minera Cuzcatlan. It is expected that the court will decide on the grant of a permanent injunction within the coming weeks, which would continue in effect until the court has ruled on the revocation of the EIA.
According to Fortuna, Minera Cuzcatlan is in full compliance with all material environmental laws and continues to operate under the terms of the EIA. The company continues to work with communities from the surrounding area in relation to the mine to enhance and expand the social benefits of the mine in the region.
Located in the Taviche mining district, the San Jose mine has been in commercial production since September 2011. Last year, the mine produced 5.8 million ounces of silver and 34,124 ounces of gold, both within Fortuna’s guidance.
Shares of Fortuna Silver jumped 7.4% by 12:50 p.m. ET Wednesday, giving the company a market value of C$1.6 billion ($1.2 billion).
Short Link:
https://www.miningnews.ir/En/News/622619
China’s Tianqi Lithium said on Thursday it has formally requested that a proposed joint venture between lithium company ...
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner ...
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A new report by IDTechEx states that investing in e-haul trucks could result in major savings for miners due to the ...
Nigeria has revoked 924 dormant mining titles immediately and invites investors to freely apply for the affected ...
Ghana Mine Workers Union is demanding the termination of the mining lease of Future Global Resources Ltd. because the ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
No comments have been posted yet ...