THE BOURSE WHISPERER: Vimy Resources (ASX: VMY) received Commonwealth approval for the company’s Mulga Rock uranium project in Western Australia.
Vimy Resources said the Minister for the Environment and Energy, Josh Frydenberg, has approved its proposed action, being the development of the Mulga Rock project, located 240 kilometres north east of Kalgoorlie, subject to specified conditions.
The Minister’s approval for the Mulga Rock project comes at an opportune time for Vimy, just days before the Western Australian election that could result in a Labor Government led by Mark McGowan that may not have much affection for uranium mining in the state.
Vimy explained this was the final approval required before work on the project can commence.
Early works have, up until now, been prohibited by s.74AA of the Environment Protection and Biodiversity Conservation Act 1999.
The Mulga Rock project was initially referred by Vimy under the EPBC Act in November 2013 and was determined by the Department of Environment in January 2014 to be a controlled action that would be assessed under the bilateral agreement with the Western Australian State Government.
The proposal was varied in December 2015 to reflect an increase in footprint that had resulted from feasibility study work.
“This is the final environmental approval required before work can commence,” Vimy Resources chairman Cheryl Edwardes said in the company’s announcement to the Australian Securities Exchange.
“This approval has been more than three years in the making and has involved considerable effort on the part of all those involved.”