Galaxy Resources Limited (ASX: GXY) announced on 27th March 2019 that the trio of Cree community, i.e., the Grand Council of the Cree (Eeyou Istchee), the Cree Nation Government and the Cree Nation of Eastmain have entered a Pre-Development agreement (PDA). The Cree Trio agreed to develop the James Bay Lithium Project with the company, which is approx. 10Km south-east of the Eastmain River.
The company recently announced its FY18 results as well.
Galaxy Resources signed an agreement on 15 March 2019 with the Cree Nation, and the company undertakes, among other commitments to notify the Cree parties of employment and training opportunities. The company aims to maximize employment and training for the local Cree community by fulfilling all the undertakings and commitments under the signed agreement.
The company also aims at special hiring of qualified Crees to facilitate business pitches with Cree enterprises. The company will engage a local Community Liaison Coordinator for the Eastmain office.
On the counterpart end, the Cree parties undertake to support and facilitate the Pre-development of the project along with its future development, among other commitments, such as to cooperate with the company regarding the Environmental and Social Impact Assessment (ESIA) and other relevant ESIA-related studies. In turn, the company will ensure that the project proceeds in a smooth and timely manner.
The Environmental and Social Impact Assessment filled by the Environmental and Social Impact Committee and the Canadian Environmental Assessment Agency in October 2018 for the James Bay Lithium Project is now complete.
Under Chapter 22 of the James Bay & Northern Quebec Agreement, the James Bay project is subject to a complete environmental and social impact assessment.
The Submission of the current assessment represents a crucial milestone in the review process with federal and provincial authorities along with the Cree Nation Government. The company submitted the current environmental and social impact assessment to the Environmental and Social Impact Review Committee under Chapter 2 of the Quebec Environmental Quality Act. In accordance with the Canadian Environmental Assessment Act (2012), the company also submitted the current assessment to the Canadian Environmental Assessment Agency.
The company will receive a provincial and federal approval and certificate to construct the James Bay Lithium Mine Project provided that the ESIA submitted to the authorities satisfy them, including the Potential environmental and social impacts and related mitigation measures stated in the ESIA statement.
Galaxy Resources foresees the submission of the initial ESIA statement as a critical step in the development of the James Bay Mine Project.
The report from the company came quite optimistic as the company was proud of the PDA agreement with the Cree Nation and said it is looking forward to work in collaboration with all the involved parties to develop the James Bay.
As per the General Manager, Denis Couture, James Bay’s potential could only be realized with the collaborative work of both the company and the Cree Nation.
The shares of the company are trading at A$1.842 (as on 27th March 2019, 03:00 PM), down by 3.307% as compared to its previous close.
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