Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Ares Strategic Mining (TSXV: ARS) announced that it has received approval to commence mining operations and an environmental permit for its Lost Sheep fluorspar project in Utah.
Acid grade fluorspar is a high-purity material used by the chemical industry.
In a press release, the Canadian miner said that following the granting of the permits and a series of meetings with local government and regulators, management has started putting arrangements in place to begin mining operations and construction work.
The company also said that it has acquired additional land for the purposes of stockpiling product to ensure a constant feed for processing is available, especially during winter months and mine shut down periods for construction work and upgrades.
The White House included fluorspar on its list of critical minerals
“These advances are running parallel with the great results from the current drill program, which have identified large high-grade fluorspar mineralization zones within the company’s permitted mining area,” James Walker, Ares’ president and CEO, said in the press brief.
“The additional security of knowing we will be supported by the government through the new Executive Order puts Ares in a very secure position and gives our company and shareholders added protection.”
In late September, the White House issued an order addressing the “threat to the domestic supply chain from reliance on critical minerals from foreign adversaries.” Fluorspar was listed among these critical minerals.
Walker believes that the 1447-acre Lost Sheep project is key to start building a domestic supply of fluorspar.
