Mineral & Financial Investments Ltd on Wednesday said environmental assessments had been completed for its Lagoa Salgada project in Portugal.

The investment company focused on the natural resources sector selected Redcorp Empreedimentos Mineiros Lda and Ascendant Resources Inc to act as lead arranger for the project. The project is targeting polymetallic zinc-lead-copper exploration in Portugal’s Iberian pyrite belt.

Ascendant and Redcorp have now completed an environmental impact assessment for the project, which has been sent to Portugal’s environmental authority.

Approval of the assessment is expected by the middle of 2024.

Following approval, Redcorp will enter a verification process allowing for a formal construction decision.

Ascendant has submitted a complimentary application for the construction of a 30 megawatt photovoltaic plant, which it plans to construct as part of the environmental licensing process. Mineral & Financial said that this would make ‘significant strides’ in reducing the project’s carbon emission and operating costs.

Mineral & Financial’s Chief Executive Officer Jacques Vaillancourt said: ‘We are very pleased with the continued progress Ascendant and Redcorp are making...This submission reflects the next step in bringing the Lagoa Salgada project into full development and eventual production’.

Shares in Mineral & Financial went untraded in London on Wednesday, last quoted at 11.75 pence each.

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