Silver Mines secures $20m investment from Lundin, Rule-led fund
The company's flagship project hosts the largest known undeveloped silver resource in Australia.
Waiting times for exploration permits in the Australian state of Queensland will be reduced by 50%, thanks to an overhaul of the approval process.
Companies will now be formally notified within 90 days from the day of application whether or not their proposed exploration project has been approved.
“We have listened to requests from the resources sector for faster, more efficient approval timeframes and we are delivering,” Said Andrew Cripps, Queensland Minister for Natural Resources and Mines.
“Mining is one of the key pillars of the Queensland economy and streamlining this process will let resource companies get on with business.”
Cripps said that the wait reductions will not alter the “stringent assessment process to ensure [companies] meet strict environmental, technical and commercial viability, community interest, native title and land access requirements.”
“A granted exploration permit is not a right to mine, and the Queensland Resources Council estimates that approximately only one in every 200 granted exploration permits ever goes on to become a mine.”
