- Dundee Precious Metals Inc. (DPM) has announced that an environmental decision regarding its Loma Larga permits was delivered by the Judicial Labour Unit of Cuenca
- The court confirmed the permits did not violate certain rights relating to the protection of water and environment
- The company stated the court will also require Dundee to include the local indigenous populations, which it has already done
- A written decision is expected within a week, for now work activities remain paused
- Dundee Precious Metals Inc. (DPM) is up 1.19 per cent and is trading at $5.93 per share as of 4:11 p.m. ET
Dundee Precious Metals (DPM) announced a decision on the Constitutional Protective Action was delivered by the Judicial Labour Unit of Cuenca.
The action was filed against the Ministry of Environment, Water and Ecological Transition (MAATE).
The decision supports the company’s environmental permits for exploration at Loma Larga, confirming that the MAATE did not violate rights relating to water and environment protection by granting the permits.
“As a significant foreign investor in Ecuador, we expect to create substantial economic and social opportunities through the responsible development of the project… fully committed to working collaboratively and transparently with stakeholders in-line with the highest applicable standards for environmental protection and stakeholder engagement,” David Rae, President and CEO of Dundee, said.
The company stated the court would also require Dundee to include the local indigenous populations in its consultation process before moving on to the development phase. Dundee shared it had already planned this as part of the project.
Dundee is expecting a written decision to arrive within a week. After which, the campaigners have three days to file an appeal of the decision.
For the time being, Dundee’s drilling activities are paused, pending the assessment of the written decision and the impact of any appeals that are filed.
Dundee Precious Metals Inc. (DPM) is up 1.19 per cent and is trading at $5.93 per share as of 4:11 p.m. ET.
