FinnAust Mining plc ORD 0.01P the AIM and FSE listed company with projects in Greenland, Finland and Austria, announced that the Greenland Mineral Licencing and Safety Authority has granted approval for a Social Impact Assessment programme as well as the associated Terms of Reference for its Pituffik Titanium Project in Greenland.
FinnAust is preparing an application for an exploitation licence at Pituffik to extract ilmenite, a primary source of titanium metal. As part of this application process FinnAust is required to submit a SIA and an Environmental Impact Assessment describing the potential impacts and planned mitigation measures for the Project’s construction, operation and closure. Having received approval for its EIA work programme in August 2016 the Company is delighted to receive the approval of its SIA work programme, marking another major milestone achievement in the Project’s permitting. As part of the application for an exploitation licence, FinnAust will also be required to submit a feasibility study, this study is well advanced with further details to be provided on this aspect in due course.
The SIA at Pituffik will aim to identify any potential social impacts the Project may have and ultimately seek to optimise positive impacts, such a job creation and investment into infrastructure, whilst mitigating negative impacts. With this in mind, the Company will inform and involve relevant and affected individuals and stake-holders, including residents living in towns, settlements and communities that may be directly or indirectly impacted, early in the development process and will develop a defined Benefit and Impact Plan which will be regularly reviewed and updated throughout the Project’s lifetime. The programme will be conducted in consultation with the Greenland Mineral Resources Authority and will be managed by NIRAS Greenland A/S, an international, multidisciplinary consultancy company that was appointed by FinnAust earlier in the year for this purpose.