Aguia Resources (ASX:AGR) riding high on settlement update in ongoing PCA

February 17, 2023 10:57 AM AEDT | By Manisha

Aguia Resources (ASX:AGR) riding high on settlement update in ongoing PCA — Image source: Company website

Significance of PCA settlement

The PCA was filed in 2021 against Aguia Resources and the State Environmental Protection Agency (FEPAM) by the Federal Public Prosecutor (FPP) over the Environmental Impact Assessment for AGR’s Três Estradas Phosphate Project (TEPP).

After the company’s constant efforts, Aguia has been able to get the plaintiffs for a discussion over a possible settlement in the ongoing Brazilian legal battle. If the involved parties agree for a mutual settlement, the litigation will end. Consequently, the construction work will begin at the phosphate project.

Overview of Brazilian phosphate project

The company’s phosphate project is set to be the first phosphate mine in the South of Brazil.

Aguia has been involved actively in preparing for the construction, which is subject to the execution of a settlement in the case. The company has appointed Australian mining consultancy firm Harrier in an advisory role to the project and a highly experienced sales team with 35-year experience in agricultural sales and marketing.

Image source: AGR PPT

Moreover, the company is advancing work to finalise an updated Banking Feasibility Study in early March 2023.

Besides dealing with the ongoing legal proceedings relating this project, the multi-commodity company remains committed to develop its current projects into production whilst pursuing other opportunities within the industry.

AGR shares were trading at AU$0.052 in the early hours of 17 February 2023.

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