Invictus Energy (ASX:IVZ) receives EIA renewal for Zimbabwe exploration project - Kalkine Media

Highlights

• Invictus Energy has received approval from the Zimbabwe Environmental Management Agency for the renewal of Environmental Impact Assessment (EIA).
• With the EIA approval, Invictus now can conduct the 2D seismic campaign and drilling program at the Mukuyu-2 well.
• IVZ’s 80%-owned and operated Cabora Bassa Project in Zimbabwe and forward exploration program have the complete support of all stakeholders, says the company.

Invictus Energy Limited (ASX:IVZ) has received approval for renewal of the EIA from the Environmental Management Agency (EMA) for Special Grant 4571, and Exclusive Prospecting Orders 1848 and 1849. The renewal has been granted for two years, until May 2025.

The Environmental Management Agency has issued EIA Certificate number 8000117671 and granted permission to Geo Associates (Pvt.) Ltd., Invictus Energy’s 80%-owned subsidiary and holder of SG 4571, EPOs 1848 and 1849, to operate as per Part XI of the Environmental Management Act (Chapter 20:27).

Details of the renewal

With the renewal of the Environmental Management Plan, Invictus will be able to conduct field work, such as seismic acquisition and exploration drilling for the CB23 Seismic Survey and Mukuyu-2 well.

One EIA assessment was done in the year 2019 by the Scientific & Industrial Research & Development Centre (independent environmental consultants) which according IVZ was Zimbabwe’s one of the largest assessments performed ever.

During the EIA assessment, the team conducts field surveys as well as baseline measurements of hydrogeological, ecology, environmental, archaeological, hydrology, soil surveys and socioeconomic and community consultations of the project stakeholders, related govt departments/extension offices and local leaders.

During the renewal phases of the EIA, the company stayed in contact with the local community. Also, throughout the exploration program, Invictus was engaged with the locals by means of dedicated Community Liaison Officers (CLOs) and on-site staff. So far, the people based in the Mbire and Muzarabani Districts and Mashonaland Central Province have shown their complete support in favor of the project, says IVZ.

Upgrade of roads in Muzarabani District

Community Social Responsibility (CSR) Program

After having received extensive submissions from the EIA process and feedback to CLOs from ongoing consultations with the local community during the CB21 Seismic Survey and Mukuyu-1/ST-1 drilling campaign, Invictus developed its Community Social Responsibility (CSR) Program.

In recognition of the impact of its CSR program, Invictus was honoured by the CSR Network Zimbabwe with the ‘Responsible Investment & Social Impact Award 2022’ for Mashonaland Central Province.

Under the CSR program, the company has concluded drilling of water boreholes, upgrading of roads, installation of solar panels, tanks and pumps. This will ensure continuous water supply throughout the year for local bodies, including schools, healthcare institutes, and communities in Muzarabani and Mbire districts.

Alongside, as part of its CSR commitments, Invictus is working towards employment generation in the region. The company was able to employ around 200 locals during the 2021 seismic program. Going forward as well, the company will be working towards generating maximum employment and training opportunities for the local people.

The Managing Director also added, “Our Community Liaison Officers and team members on the ground have maintained open dialog with the local community, both during the CB21 seismic campaign and the drilling of Mukuyu-1/ST1, and I am pleased our upcoming work program continues to have the full support of the communities in which we operate. We are also pleased to have our CSR program recognised for the impact it is having in local communities and success at Mukuyu-2 will enable us to expand our program further. Our shared prosperity approach with our shareholders, host governments and local communities strives to ensure all stakeholders benefit from finding, developing, and producing natural resources.”

IVZ stock gained 200% in last 5 years

IVZ shares were trading at AU$0.117 on the Australian Securities Exchange (ASX) at the time of writing on 18 May 2023. The company’s stock price has soared by over 200% on the ASX in the past five years.

The company has a market capitalisation of over AU$115 million.