Aguia Resources (ASX:AGR) updates about positive outcomes of meeting related to PCA

Highlights

• Aguia Resources Limited has two projects -- metallic green copper and organic phosphate -- in Brazil’s southernmost region
• The latest update is on settlement negotiations in the Public Civil Action involving the company and environmental licensing for its phosphate project
• The company is in the meanwhile taking crucial steps to prepare for construction, including appointment of a mining consultancy firm for the project

Aguia Resources (ASX:AGR) -- an Australian multi-commodity company with 100% owned advanced mining interests in Rio Grande do Sul, Brazil -- has announced successful conclusion of a meeting related to the settlement negotiations in the Public Civil Action regarding the environmental licensing for AGR’s phosphate project.

The company has said that several consensuses were reached between the parties, with AGR having agreed to engage with the local population for the project. A supplementary technical report is expected this week, which would be reviewed in the next settlement hearing (mid-March).

AGR is hopeful that this would be followed by a written settlement, which can pave the way for end of litigation and beginning of construction.

Meeting

The meeting on 1 March 2023 followed the conciliation hearing, and the parties took further discussions on settlement. Aguia asserts that the outcomes of the meeting are positive in that consensus was reached and the company has also committed to taking forward its communication with the local residents.

The technical team at the office of the Public Prosecutor is likely to present a supplementary technical report later this week. The report would become a part of discissions in the next settlement hearing. This can be followed by a written settlement, which would allow Aguia to commence construction works.

Progress related to construction

Aguia Resources says that the Project Manager has already been appointed, who has relocated to the region with his family.

Besides, mining consultancy firm Harrier has been appointed in advisory role. Notably, the consulting firm has strong links to experienced mining-related personnel in the region. AGR has also appointed a highly experienced sales team for the project, while the Banking Feasibility Study (BFS) is also expected any time this month.

Source: AGR’s ASX update 1 March 2023 

ASX-listed shares of AGR -- which also has its own organic phosphate product Pampafos -- traded at AU$0.060 on 7 March 2023.