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Update
on status of environmental impact study
Zambezi Resources
September 13, 2012
Zambezi Resources
Limited ("ZRL") or ("Company") wishes to
update the market on the current status of the Environmental Impact
Study ("EIS") lodged by its wholly owned subsidiary
Mwembeshi Resources Limited ("MRL").
Under the Environmental
Management Act 2011, which was enacted in Zambia after MRL was granted
a Large Scale Mining Licence for its Kangaluwi Copper Project ("Project")
located in the Lower Zambezi National Park, all new mining projects
require an EIS to be lodged with and approved by the Zambia Environmental
Management Agency ("ZEMA") as part of the approval process.
Following an exhaustive and extensive process of consultation with
the Ministry of Mines, the Ministry of Lands, Natural Resources
and Environmental Protection, the Zambian Wild Life Authority and
all other key stakeholders, MRL lodged its EIS with ZEMA on 14 March
2012. These stakeholders included conservation groups, traditional
owners, chiefs, local communities and local authorities all of whom
have been supportive of the Project when shown the true facts.
Subsequent to
the lodging of the EIS, MRL received a requisition from ZEMA requesting
certain additional information including water balance data and
blasting processes and techniques, all of which was provided to
ZEMA.
Despite continued
indications throughout the process that the EIS would be approved,
MRL has been informed by ZEMA that it has not approved the EIS.
Although this was unexpected, it is not uncommon for ZEMA to make
such decisions in the process.
MRL is currently
taking steps to seek a review of the ZEMA decision as provided for
in the Environmental Management Act 2011. The review is considered
by the Minister of Lands, Natural Resources and Environmental Protection.
Senior Ministers
in the Zambian Government, including the Minister for Mines, Energy
and Water Development remain fully supportive of the Project and
have been surprised at the decision of ZEMA.
The newly elected
Zambian Government has gone to great lengths to convince the overseas
investment community that Zambia is a safe place to invest and is
encouraging of such investment in particular in the mining and resources
sector.
Furthermore,
the Zambian Government is acutely aware and supportive of the social
and economic benefits which the development of the Project would
bring to the uninhabited and underdeveloped Luangwa district, in
particular:
- Development
of transport and energy infrastructure including roads and power
- Employment,
training and increased prosperity for more than 500 Zambians
- Significant
foreign investment in terms of capital and operational expenses
Given the support
from the Zambian Government which the Project has had from the outset,
which included the granting of the Large Scale Mining Licence itself
which is valid for a period of 25 years, the Company is confident
of achieving a successful outcome via the review process. In the
meantime, the Company intends to continue to progress with its scoping
study in relation to the Project and to maintain its ongoing fund
raising strategy which includes its current rights issue.
Zambezi Resources
Limited
Frank Vanspeybroeck
CEO
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