- Sandfire Resources (TSXV:SFR) is securing bonds for its Black Butte copper project in Montana, but is also facing legal trouble
- The company has been issued a C$4.65 million bond from the Montana Department of Environmental Quality, which must be filed before construction begins on the site
- However, as a number of groups who oppose the project have recently challenged the department’s decision
- The company and the department are currently accessing possible options, which include potentially defending the claim in court
- Sandfire Resources (SFR) is up 0.2 per cent and is trading at $4.89 per share
Sandfire Resources (TSXV:SFR) is securing bonds for its Black Butte copper project in Montana, but is also facing legal trouble.
The Montana Department of Environmental Quality recently issued a stage one bond of C$4.65 million for the Black Butte Copper project. The company must secure this bond before surface construction begins on the site.
A second bond increment must be calculated for phase two of development, which includes the mine’s underground section, mill construction and any activities involving water.
However, the company is embroiled in a legal challenge with the Montana Department of Environmental Qualities decision, as a number of groups who oppose the project have recently challenged the department’s decision.
The company stated it would review the challenge and may defend this litigation, alongside the Montana Department of Environmental Quality.
In related news, the company is finalising a construction contract at the site, scheduled to commence after the summer, and after the company secures the phase one bond amount
Sandfire’s CEO, Rob Scargill said the company is proud to be part of the economic engine that will help the region recover from the COVID-19 pandemic.
“Strength in the natural resources sector will help drive recovery across the economy, creating employment and opportunities for the people of Montana.
“This sets a clear path toward completing the Black Butte Feasibility Study and, subject to processing project funding and making a positive final investment decision, building a showcase mine that will combine local input and expertise with state-of-the-art technology,” he said.
Sandfire Resources (TSXV:SFR) is up 0.2 per cent and is trading at $4.89 per share.