Almaden to submit revised permit application for Mexico project

Almaden Minerals plans to submit a revised environmental permit for its Ixtaca gold project in Mexico.

Environment ministry Semarnat rejected a permit for the Puebla state asset in December.

Almaden said it plans to prepare a revised application incorporating additional data, including information to be gathered from further field studies.

In a press release, CEO Morgan Poliquin said the company is grateful to people in the local communities who support the project.

Almaden also plans to advance exploration at high-priority targets at Ixtaca.

The project is expected to produce 108,500oz/y gold and generate a post-tax IRR of 42% at US$1,275/oz gold and US$17/oz silver.

Ixtaca was the fourth mining project blocked by Semarnat since President Andrés López Obrador (AMLO) came to office in December 2018.

AMLO has backed stricter environmental regulations in Mexico’s mining sector and has been an outspoken critic of the industry’s track record on this front.