- Century Global (CNT) and subsidiary Joyce Direct Iron provide an update on the environmental assessment process for the Joyce Lake Iron Ore project
- Joyce Direct Iron expects the provincial and federal environmental assessments processes to last over the next two to three years
- Century Global hopes to list Joyce Direct Iron as a stand-alone public company
- Century Global (CNT) is unchanged at C$0.18 per share at 1:16 PM EST
Century Global (CNT) and subsidiary Joyce Direct Iron have provided an update on the environmental assessment process for the Joyce Lake project.
On November 3, 2021, Joyce Direct Iron received a letter from the Minister of Environment and Climate Change of Newfoundland and Labrador that an Environmental Impact statement is required. Guidelines for completion will be provided within 120 days.
The letter was issued following a review of the project’s provincial re-registration document. The re-registration document was identical to the federal Environmental Impact statement submitted to the ongoing federal environmental assessment process.
New monitoring, testing, and modelling work is expected to be required in the provincial Environmental Impact statement.
The federal environmental assessment process is expected to continue as planned.
Joyce Direct Iron expects to complete both federal and provincial environmental assessments processes over the next two to three years. If permits are obtained and construction begins, Joyce Direct Iron expects to start full production approximately 18 months following construction begin.
During this time, Joyce Direct Iron plans to negotiate impact and benefit agreements with up to five Indigenous Groups.
Century Global hopes to list Joyce Direct Iron as a stand-alone public company, with Century Global retaining majority ownership.
Century Global is a resource exploration and development company with multi-billion tonne iron ore projects in Canada.
The Joyce Lake Iron Ore project is a direct shipping ore project in Newfoundland and Labrador.
Century Global (CNT) is unchanged at C$0.18 per share at 1:16 PM EST.