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Highlights
- Aguia has advanced mining projects -- metallic green copper and organic phosphate -- in Rio Grande do Sul (Brazil)
- The company is currently advancing negotiations focused on settlement in the ongoing Public Civil Action involving Aguia and the environmental licensing for its Brazilian phosphate project
- Post the last meeting, the technical team at the Public Prosecutor’s Office released a report highlighting clarity regarding few doubts
- The company informs that technical teams of all parties would meet in the near term to discuss more technical issues
Australia's ASX-listed Aguia Resources (ASX: AGR) has updated about ongoing settlement negotiations with respect to the environmental licensing of its phosphate project. It has been stated that the Public Prosecutor’s Office’s technical team has issued a supplementary report following the recent meeting (held on 28 February 2023) of parties. The report stated that some of the team's doubts had been clarified by Aguia Resources.
Subsequently, an internal meeting comprising the plaintiffs, the Public Prosecutor and latter's technical team was held. It has been agreed that the technical teams of all parties involved, including Aguia's team, would meet soon to discuss any remaining technical issues. Meanwhile, the parties involved are also likely to meet soon and continue their efforts toward reaching a settlement on other issues.
More about PCA settlement negotiations
In a previous development on the subject, Aguia had reported that the meeting last month was "very successful", with several consensuses reached. Aguia Resources had then also committed to take additional steps regarding communicating with the local population. Post the February meeting, it was expected that a supplementary report by the Public Prosecutor’s Office’s technical team would be issued soon.
In its latest update, the company has informed that the said report has been issued by the team, and it mentions that Aguia has clarified some of the technical team's doubts. Meetings are expected to continue in the near future, and Aguia also expects reaching a solution to the matter as soon as possible.
Data source: AGR ASX updated dated 1 March 2023; Image Source: Aguia Resources website
About Aguia Resources
The company has interests in the state of Rio Grande do Sul, located in southernmost Brazil. Aguia's interests are varied -- organic phosphate and green copper -- and these are 100% owned by the company. Its corporate office is in Sydney, Australia. Aguia also has its organic phosphate product by the name Pampafos®, which it says is no less than chemical phosphate (agronomical testing on major grain crops done for over three years) and is cheaper to produce.
The ASX listed shares of AGR traded at AU$0.065 as of writing on 14 March 2023, up more than 3% from the last close.
