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- Shares in Predictive Discovery (PDI) were down as much as 31.9 per cent following an update regarding its Bankan Project in Guinea
- According to the company, it has become aware of a pending media release questioning the legality to establish mining operations on part of an area covered by Bankan
- Predictive has informed the media that its exploration activities are compliant with the Mining Act and that the Guinean authorities support these activities
- Additionally, the company is nearing completion of an environmental study which will provide the basis of an Environmental and Social Impact Statement
- Shares in Predictive are down 33 per cent and are trading at 15.8 cents at 12:46 pm AEDT
Shares in Predictive Discovery (PDI) were down as much as 31.9 per cent following an update regarding its Bankan Project in Guinea.
According to Predictive, it has become aware of a pending media release questioning the legality for the company to establish mining operations on part of an area covered under the Bankan Project.
Bankan covers an area of 356 square kilometres and lies 550 kilometres from Guinea’s capital Conakry.
It consists of the Kaninko, Argo, Sman and Bokoro exploration permits, all of which are in good standing and give Predictive the rights to undertake work.
Predictive has informed the media that its exploration activities are compliant with the Mining Act and that the Guinean authorities support these activities.
In Guinea, exploration permits are granted by way of an order of the Minister of Mines upon recommendation of the Centre de Promotion et de Développement Minier (CPDM) following favourable advice from the Technical Committee of Titles.
As a technical and environmental evaluation is undertaken, the permit areas are cleared for mineral exploration activities as set out under the Mining Act.
Predictive notes that all work undertaken on these permits areas has been completed in compliance with the Mining Act and with full support from the Guinean authorities.
Two known Bankan deposits and parts of the Kaninko and Saman permits lie within the Outer Buffer Zone of the Upper Niger National Park which is considered a conservation priority.
However, there are instances in Guinea for mining permits to be granted within highly environmentally sensitive areas.
Predictive has been operating on an area in compliance with the Mining Act and with full support from all relevant ministries, including the Ministry of Environment which has authority over the National Park.
The company has engaged with the Ministry of Mines and Environment concerning this overlap as well as any possible solutions that can be implemented to allow it to produce gold from the Bankan deposits while ensuring high environmental parameters are in place.
Predictive has already undertaken a social study and is nearing completion of an environmental study. Both of these will provide the basis of more detailed work required to deliver an Environmental and Social Impact Statement.
Additionally, Predictive has an active and growing program of community engagement and is the largest employer of villagers who live within the permit areas.
The company has also provided financial support for a large and productive market garden at Bankan Village and is providing materials for primary schools within the permit areas.
Finally, Predictive will aim to establish a formalised arrangement with the Ministry of Environment to provide assistance on key conservation activities.
This aim is to ensure improved environmental outcomes, and assist with long-term local employment and training opportunities.
Managing Director Paul Roberts commented on the media release.
“Predictive Discovery has always been fully committed to abide by the legislative and regulator framework applicable in all the jurisdictions it operates in and we are extremely conscious of our responsibilities to our host country and its local communities,” Mr Roberts said.
“We have built strong relationships with the Guinean authorities who have been supportive of the Bankan Gold Project since the outset, and we look forward to finding a mutually satisfactory solution that will allow the benefits of our gold discoveries to be realised in many forms by the community and our shareholders.”
Shares in Predictive were down 33 per cent and were trading at 15.8 cents at 12:46 pm AEDT .
