BMR - Battery Mineral Resources Corp. Announces Operations Permitting and Community Relations Update
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Battery MineralResources Corp. ( TSXV: BMR ) ( OTCQB: BTRMF )(“ Battery ” or “ BMR ” or the “ Company ”)is very pleased to provide an operational, permit and communityrelations update.
The Punitaqui copper mining complex (“Punitaqui”) includesthe copper concentrator or “plant”, tailings storage facility,electrical, instrumentation and mechanical maintenance facilities,administration offices, assay laboratories, cafeterias, copperconcentrate storage and loadout facilities, and the Cinabrio, SanAndres and Dalmacia mines and includes the soon-to-be establishedCinabrio Norte mine (see Figures 1 and 2).
Operational Readiness
The Company is pleased to report that personnelhiring for the resumption of full operations at Punitaqui is onschedule. Furthermore, final mine maintenance at the San Andres mineincluding rehabilitation of ground support, re-activation ofcompressed air, ventilation, power, and water in preparation forresumption of full mining operations, commenced in late November. Acontract for the final stages of Punitaqui plant maintenance andrehabilitation has been executed and activities commenced December 4thwith the aim of full operational commissioning of the plant in Marchand plant start-up in April of 2024.
Environmental and Operational Permitting
Permits have beengranted allowing for thickened tailings deposition into thetailing’s storage facility of up to 1,500,000 tonnes - representingapproximately 20 months of mine and plant operations during the firstphase of operations at Punitaqui.
The company expects to receive a permit for “dry stack” orfiltered tailings deposition in late 2024. Filtered tailingsdeposition has many benefits over thickened tailings depositionincluding much lower water consumption in plant operations and fargreater capacity for tailings storage over the same physicalfootprint. Construction and commissioning of the tailings filter plantwill take nine months and thereafter, filtered tailings are to bedeposited. Deposition of filtered tailings will allow for anadditional eight-plus years of tailings storage at our permittedmining rate. This will be accomplished over nearly the same footprintthe current tailings storage facility occupies.
A permit for the SanAndres mine has been granted which allows for BMR to commencedrifting, ramp construction and mine development on two differentelevation levels and allows for establishment of new undergroundexploration drilling platforms. This mine development will establishaccess to new zones of copper mineralization for the forthcoming mineproduction. Other activities at the San Andres mine include finalachievement of equipment, supplies and personnel arrangements.
VAT RecoveryExtension Approval
As in many developed countries, Chile has a Value Added Tax(“VAT”) on goods and services. Following BMR’s acquisition ofthe Punitaqui Mining Complex, it filed an application with, andreceived approval from, the Chilean Ministry of Economy, Developmentand Tourism (the “Ministry of Economy”) to participate in aVAT-recovery program set in place by the Chilean government toincentivize Chilean exports (the “VAT Program”). The VAT Programallows BMR to recover the VAT paid on goods and services purchase,once it submits verified documentation, in advance of achievingagreed-upon amounts of to-be-exported mineral concentrates. ThisVAT-recovery program provides BMR with a source of cash that itreinvests in its assets in Chile. On November 29, 2023, the Ministryof Economy issued a resolution to extend the VAT-recovery program forBMR until December 2025, which is a welcomed positive result. The newcap for total VAT recovery for the Company is US$7.0 million. As oftoday, Minera BMR has recovered a total of US$3.1 million in VATrecovery since it began to operate in Chile, with the remaining US$3.9million expected to be recovered prior to December 2025. The remainingUS$3.9 million allowed to be recovered by BMR will more than sufficeuntil such time that the Punitaqui Mining Complex begins to generaterevenue and cash flow from operations.
Community Activities
As previously disclosed,an agreement that will grant BMR surface rights for exploration of“blue sky” areas on BMR mineral claims has been signed with thelocal community of Potrerillos. BMR geologists have since defined thedrill target locations within the “blue sky” areas. Thecompany’s next step, expected in the next few weeks, is to formalizeeasement agreements with the Potrerillos community. Conversations withmembers of the community of Punitaqui to establish easement agreementsfor the Dalmacia mine road are well advanced.
BMR’s social andcommunity relations consultant, Integratio Mediação Social eSustentabilidade (“Integratio”) has completed the communityrelationship policies and consultation manuals that will support andguide the Company’s social engagement strategy for the future.?The Company is currently proactively engaging with both of our localcommunities of Potrerillos and Punitaqui as well as the local andregional authorities on the status of the project in terms of socialimpact and employment opportunities.
Additionally, the Ministry of Public Workings (MOP) iscurrently enhancing part of the existing road that connects thePunitaqui Plant to the Dalmacia mine, and Battery has reached anagreement to contribute to the widening of the road and an increase ofthe asphaltic pavement to support trucking of ore from Dalmacia to thePunitaqui Plant. MOP field work for this began early November and isexpected to be completed in Q1 2024.
The Company is also proud to update itsactivities with the regional association of mining companies,CORMINCO. In the past three months BMR has participated in severalmeetings organized by CORMINCO, with regional authorities which haveincluded one of the senators of the region as well as the presidentialdelegate of the Limari Province. These meetings have been extremelyuseful as an introduction to local mining suppliers and contractorsand has aided in accelerating our overall permitting process.? BMRhas also been participating in meetings with the Chilean nationalminer’s association, SONAMI, and have enjoyed their support andbegun participating in their specialized committees.
The Company looksforward to providing additional updates to the market in the comingweeks as we move Punitaqui back into sustainable, profitableproduction for all stakeholders.
About Battery Mineral Resources Corp.
Battery MineralResources is a battery minerals company providing shareholdersexposure to the global mega-trend of electrification while beingfocused on growth through cash-flow, exploration, and acquisitions infavourable mining jurisdictions. Battery Mineral’s mission is thediscovery, acquisition, and development of battery metals (namelycobalt, lithium, graphite, and copper), in North America, SouthAmerica and South Korea and to become a premier and responsiblesupplier of battery minerals to the electrification marketplace. BMRis currently pursuing a near-term resumption of operations of thePunitaqui Mining Complex, a past copper-gold-silver producer, in theCoquimbo region of Chile. BMR is the largest mineral claim holder inthe historic Gowganda Cobalt-Silver Camp in Ontario, Canada, andcontinues to pursue a focused program to build on the recentlyannounced, +1-million-pound high-grade cobalt resource at McAra. Inaddition, Battery Mineral owns 100% of ESI Energy Services, Inc.(including ESI’s wholly owned USA operating subsidiary, Ozzie’s,Inc.), a profitable mainline pipeline and renewable energy equipmentrental and sales company with operations in Alberta, Canada andArizona, USA. Battery Mineral Resources is based in Canada and itsshares are listed on the Toronto Venture Exchange under the symbol“BMR” and on the OTCQB under the symbol “BTRMF”. Furtherinformation about BMR and its projects can be found on www.bmrcorp.com .
Neither the TSXV nor itsRegulation Services Provider (as that term is defined in the policiesof the TSXV) accepts responsibility for the adequacy or accuracy ofthis press release.
Forward Looking Statements
This news release includes certain “forward-lookingstatements” under applicable Canadian securities legislation. Therecan be no assurance that such statements will prove to be accurate,and actual results and future events could differ materially fromthose anticipated in such statements. Forward-looking statementsreflect the beliefs, opinions and projections of the Company on thedate the statements are made and are based upon a number ofassumptions and estimates that, while considered reasonable by theCompany, are inherently subject to significant business, economic,competitive, political and social uncertainties and contingencies.Many factors, both known and unknown, could cause actual results,performance, or achievements to be materially different from theresults, performance or achievements that are or may be expressed orimplied by such forward-looking statements and the parties have madeassumptions and estimates based on or related to many of thesefactors. Such factors include, without limitation, the ability of theCompany to obtain sufficient financing to complete exploration anddevelopment activities, risks related to share price and marketconditions, the inherent risks involved in the mining, exploration anddevelopment of mineral properties, the ability of the Company to meetits anticipated development schedule, government regulation andfluctuating metal prices. Accordingly, readers should not place unduereliance on forward-looking statements. Battery undertakes noobligation to update publicly or otherwise revise any forward-lookingstatements contained herein, whether as a result of new information orfuture events or otherwise, except as may be required by law.
Contact Details
Battery Mineral ResourcesCorp.
Martin Kostuik, CEO
+1 604-229-3830
CorporateCommunications, IBN (InvestorBrandNetwork)
+1310-299-1717
editor@investorbrandnetwork.com
CompanyWebsite
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