Australia's Altamin slips after Italian authorities issue negative order for project

Altamin

08/06/2022 05:33

** Shares of Altamin Ltd  AZI.AX  slip as much as 4% to
A$0.095, their sharpest intraday loss since May 2
    ** The battery metal explorer says Italian authorities
issued a negative decree around the environmental impact
assessment (EIA) of its Gorno Zinc Project in Italy  urn:newsml:reuters.com:*:nASX8Tw8Fv
    ** Says decree arises partly due to opinions raised by
stakeholders on the project's configuration and production rate
which was materially changed from the initial renewal in 2019
    ** Adds that the negative decree will result in lapse of
application for renewal and extension of the Gorno Project's
Monica Mining Licence
    ** Will collaborate with Regione Lombardia, a key regulatory
stakeholder, to review new mining application in its draft form
prior to submission - AZI
    ** Additionally, Italian ministry were positive about the
EIA for proposed exploration drilling campaign at the Punta
Corna Cobalt project in Piedmont
    ** About 3.7 mln shares change hands, compared with the
30-day average volume of 1.4 mln shares
    ** AZI down 47.6% this year as of last close
    

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))