Latest news with #MiningCode
Yahoo
16-05-2025
- Business
- Yahoo
Falcon Energy Materials plc Addresses License Revocation in Guinea
ABU DHABI, UNITED ARAB EMIRATES - May 16, 2025 (NEWMEDIAWIRE) - Falcon Energy Materials plc (TSX-V: FLCN) ("Falcon" or the "Company") wishes to address a recent revocation of certain exploration and exploitation permits by a decree signed by the President of the Republic of Guinea ("Guinea"). This communication aims to clarify misconceptions and reassure our shareholders, stakeholders and the decree suggests that the Government of Guinea is revoking 50 gold, bauxite and diamond exploration and exploitation licenses as well as one (1) graphite exploitation license. To date, the Company has not received any written correspondence from the Government of Guinea regarding its intention to revoke the Lola Graphite Project (the "Project") exploitation permit, which was granted to the Company in 2019 under the 2011 Guinea Mining Code (the "Mining Code"). Under the Mining Code, the Government cannot take unilateral action to revoke mining rights and seize Company property without following the procedures outlined in the Mining Code and Guinea law. The Company will take every step necessary, and without hesitation, to protect its rights afforded under the Mining Code. Falcon has successfully advanced the Project from its initial exploration phase, through a period of historically low graphite prices, to the publication of an updated feasibility study in late 2022 at significant cost. The Project has continuously advanced despite political changes and market fluctuations. The Company has maintained employment for 35 employees despite challenging market conditions. The Company remains committed to developing the Project and has been working until today in lockstep with the Guinean Government towards a mutually beneficial development timeline that complies with applicable law and protects the Company's rights. Additionally, Falcon has made several applications to the Guinea Ministry of Mines to negotiate a mining convention and commence the Project construction work, which remain unanswered despite regular requests by the Company. The Company will make further disclosure when appropriate. ABOUT FALCON ENERGY MATERIALS PLC Falcon Energy Materials PLC (TSX-V: FLCN) aims to become a fully integrated supplier of battery anode materials. The Company's integrated business model would result in the creation of a mine-to-market active anode material producer, hosting a large high-purity graphite production mine in the Republic of Guinea, and a value-added, coated spherical purified graphite conversion facility in Morocco. With attractive operating costs, proximity to European end-markets and strong ESG credentials, the Company is poised to become a reliable supplier while promoting sustainability and supply chain transparency. Falcon is committed to generating sustainable, long-term benefits that are shared with the host countries and communities where it operates. For additional information, please visit Falcon's website at Contact: Matthieu BosPresident & CEOEmail: Matt JohnstonIR AdvisorEmail: +971 2307 4013 Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains "forward-looking information" within the meaning of Canadian securities legislation and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations and plans that allow investors and others to have a better understanding of the Company's business plans and financial performance and condition. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as "round out", "accelerate", "expect", "follow", "successful", "including", "believe", "qualify", "aim", "become", "commit" or variations of such words and phrases or state that certain actions, events or results "may", "could", "will", "would" or "might". Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to: (i) the legality of the decree signed by the President of Guinea revoking certain exploration and exploitation permits; (ii) the Government of Guinea's intention to revoke the Project exploitation permit; and (iii) the outcome of any legal proceeding, in the applicable jurisdiction, to be pursued by the Company to defend the Company's rights and investment in the Project. Forward-looking information is based upon certain assumptions and other important factors and assumptions subject to significant business, geological, economic and competitive uncertainties and contingencies that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include, without limitation, the legality of the decree signed by the President of Guinea revoking certain exploration and exploitation permits and the Government of Guinea's intention to revoke the Project exploitation permit. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) volatile stock price; (ii) the general global markets and economic conditions; (iii) the possibility of write-downs and impairments; (iv) the risk associated with exploration, development and operations of mineral deposits and mine plans for the Company's mining operations; (v) the risk associated with establishing title to mineral properties and assets including permitting, development, operations and production from the Company's operations being consistent with expectations and projections; (vi) there being no significant disruptions affecting the operations of the Company whether due to artisanal miners, access to water, extreme weather events and other or related natural disasters, labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (vii) asset impairment (or reversal) potential, being consistent with the Company's current expectations; (viii) the Government of Guinea's ability to revoke the Project exploitation permit; and (ix) the Company's ability to defend the Company's rights and investment in the Project. In addition, readers are directed to carefully review the detailed risks and uncertainties described or referred to in the section entitled "Risk and Uncertainties" in the Company's management's discussion and analysis for the year ended December 31, 2024, as updated from time to time in the Company's interim management's discussion and analysis for its quarterly financial periods, each of which is filed on SEDAR+ at Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws. The Company qualifies all of its forward-looking statements by these cautionary statements.
Euronews
25-04-2025
- Business
- Euronews
Trump moves to start deep-sea mining in international waters
ADVERTISEMENT Although expected, Trump's executive order on 'unleashing' America's offshore critical minerals and resources means the US is poised to extend the global scramble for critical minerals like lithium and rare earth metals to the high seas, while the majority of countries are still negotiating rules on how to ensure mining is done safely and without potentially massive environmental destruction. 'The United States faces unprecedented economic and national security challenges in securing reliable supplies of critical minerals independent of foreign adversary control,' runs the preamble to the president's 139th executive order since taking office in January. China is specifically named later in the document. The order , published on Thursday, requires government officials to assess 'private sector interest and opportunities for seabed mineral resource exploration, mining, and environmental monitoring in the United States Outer Continental Shelf; in areas beyond national jurisdiction; and in areas within the national jurisdictions of certain other nations that express interest in partnering with United States companies on seabed mineral development'. The scale of Trump's ambition goes well beyond that of Norway, which last year announced its own plans – now shelved after a backlash by environmentalists – to open up swathes of its Arctic territorial waters to exploration by mining firms. Related Oslo defends seabed mining plans amid concerns over environmental impact On the day the US president signed the executive order, Norwegian Prime Minister Jonas Gahr Støre – who has said a last-minute parliamentary block on his government's seabed mining ambitions was merely a postponement – was in Washington for two-way talks with on Ukraine and trade. Fast-track for exploration Trump has instructed US Secretary of Commerce Howard Lutnick to 'expedite the process for reviewing and issuing seabed mineral exploration licences and commercial recovery permits in areas beyond national jurisdiction under the Deep Seabed Hard Mineral Resources Act'. This, as Euronews reported earlier this week, would mean the US using a little-known domestic legislation dating from the 1980s to sidestep ongoing talks within the UN's International Seabed Authority (ISA), which has agreed a moratorium pending the completion of ongoing negotiations on the Mining Code setting out safety and environmental protection standards. Related Critical raw materials set to be a key lever in global trade war 'This is a clear case of putting mining companies' greed over common sense,' said Katie Matthews, chief scientist and senior vice-president at the global campaign group Oceana. 'Any attempt to accelerate deep-sea mining without proper safeguards will only speed up the destruction of our oceans.' This was echoed by the Washington-based group Ocean Conservancy, whose vice-president Jeff Watters noted that areas of the US seafloor subject to test mining 50 years ago have yet to fully recover. Moreover, the move by the Trump administration could trigger a destructive rush to secure minerals that have been dubbed the new oil. 'By unilaterally pursuing mining in international waters in defiance of the rest of the world, the Administration is opening a door for other countries to do the same,' he said. The executive order follows a warning from ISA secretary-general Leticia Carvalho last month that 'any unilateral action would constitute a violation of international law'. However the US is not among the 169 countries plus the EU who have ratified the overarching United Nations Convention on the Law of the Sea. The move by Washington came the same day that the European Commission tabled a proposal to incorporate into EU law the more recent Biodiversity Beyond National Jurisdiction' Agreement (BBNJ), also know as the High Seas Treaty, which seeks to establish huge marine protected areas (MPAs) in the high seas in line with the 2022 Kunming-Montreal Agreement biodiversity.
Yahoo
14-03-2025
- Business
- Yahoo
Take 'precautionary approach' on deep-sea mining: top official tells AFP
Rules for the emerging deep-sea mining sector should take a "precautionary approach" that protects the environment, the head of the body drafting regulations for the practice told AFP Friday. At stake is a potential new frontier for developing mineral resources like nickel, cobalt and copper that are crucial for renewable energy technology. But researchers and environmentalists have long warned it risks destroying habitats and species that are little understood, and could upset delicate ocean processes that affect climate change. Regulating the industry is the responsibility of the International Seabed Authority (ISA), an independent body established under a UN convention. Its Council aims to adopt a code this year, after more than a decade of work. In an interview with AFP, ISA Secretary-General Leticia Carvalho said there was "no rush or delay" on finalising the rules, and urged an approach that prioritises the environment. "We are developing regulations for an entirely new industry," said Carvalho, who took the top job this year. "A key principle in this regard is the precautionary approach, which will help us navigate the sustainable use and management of deep-sea mineral resources." - Divisive issue - The world paid little attention when the ISA, created in 1994, quietly began negotiating the mining code. But the effort has taken on new urgency. Since July 2023, due to a legal clause invoked by the tiny Pacific island nation of Nauru, any country can apply for a mining contract in the name of a company it sponsors. Nauru Ocean Resources Inc., a subsidiary of Canada's The Metals Company (TMC), wants to begin mining polymetallic nodules in the Pacific as soon as 2026. It plans to file an exploitation application in June, making the need for a code governing mining all the more pressing. Carvalho has stressed that rebuilding trust is a priority for her tenure, after her predecessor was accused of favouring mining interests and even misusing funds -- allegations the ISA Secretariat denied. An oceanographer by training, Carvalho can only guide member states as they decide whether and how to draft a code. The ISA's Council is deeply divided, with some member states keen to see mining start soon, and others backing a moratorium or even outright ban on seabed exploitation. Carvalho has projected a scrupulously neutral image on the issue, emphasising the need for science-based decision-making, and equitable sharing of any profits from resources often dubbed a "common heritage of mankind." "Without a Mining Code, the legal framework for deep-seabed mining in the Area (international seabed) would be incomplete," she said in written answers. That could open the door to significant legal uncertainty if mining applications are filed without a code. - 'Realm of wonder' - Concerns about the impact of mining gained strength with the discovery last year that oxygen was being released on the ocean floor not just by living organisms, but by polymetallic nodules that would be targeted by companies. The findings have been rejected by the TMC, even though it helped fund the research, and follow-up work is ongoing. Mining proponents point to the growing need for minerals to drive the renewable energy transition, and the problems associated with on-land exploitation -- including environmental degradation and rights abuses. Carvalho noted that the "dark oxygen" findings have not yet been replicated, and are the subject of debate. And she pointed out "common misconceptions" about the prospect of deep-sea mining, including about its proposed scale, as well as what deep-sea ecosystems look like. "Roughly 0.13 percent of the world's seabed — about 478,000 kilometres squared — could eventually be mined, a relatively small fraction compared to the vastness of the ocean floor," she said. And while scientists are still learning about life on the seafloor, deep-sea ecosystems "tend to have lower population densities and function under vastly different environmental conditions," Carvalho said. While running for the job last year, the Brazilian scientist emphasised her background in developing industry regulations, as well as her personal connection to the sea. "The ocean has always been a fundamental part of who I am," she said. It is "a realm of wonder and vast opportunities that must be responsibly managed." sah/lb
