LONDON & BRATISLAVA, Slovakei--(BUSINESS WIRE)--On 25th October 2012, after a lengthy waiting period, the Ministry for the Environment of the Slovakian Republic granted approval for geological work in the Pezinok-Pernek deposit.
The exploration work aims to establish new values, data and findings for the compilation of a report in accordance with the NI43101 standard on the antimony deposit in Pezinok-Pernek.
The granted approval means that the exploration project can commence in the first quarter 2013 and that nothing now stands in the way of an exploration of the Pezinok-Pernek deposit and an evaluation of the antimony resources here in accordance with NI43101.
“This official authorisation which we have now received is a milestone in the history of our young company. We have made it our goal to improve antimony supplies in Europe in the long term and are now a big step closer in achieving this,” said Václav Cingel, Geological Director of Geotatra s.r.o, about the positive outcome of the authorisation process. After the reservations of the Slovakian Greens were cleared in the final instance, the authorities agreed to the resettlement of several farms which are in the future mining zone.
“The exploration destination is in the EU region which means there is also a corresponding legal certainty,” said the geologist.
Cingel continued, “With the official authorisation we can now set a date for the start of our planned antimony exploration work in Pezinok-Pernek.”
An exact date for the start of the project has, however, not yet been given. Cingel said that the first quarter 2013 would be feasible as a starting point. Most of the necessary financing for the exploration work and the compilation of a report in accordance with the NI43101 standard has also as good as been secured. 4.2 million euros have already been provided for covering the costs of the Geo Tatra antimony exploration. The total financing sum for the project is approximately 4.5 million euros.
Antimony prices have been increasing for years already.
Industry is eagerly awaiting the latest findings and calculations of the antimony deposit Pezinok - Pernek.
An EU panel of experts had already concluded in 2010 that antimony is one of the “14 critical raw materials”. The reasons for the shortage are rapid technological development, few recycling strategies and China’s dependency on raw materials.