UPDATE 12.50pm: Centaurus Metals has moved a step closer to bringing its flagship Jambreiro iron ore project in south-east Brazil into production with a key approval.
The company said today it had received a preliminary licence following approval for the project's Environmental Impact Assessment.
Centaurus described the approval as the penultimate regulatory milestone before on-site construction could begin.
It comes just ahead of the planned completion of a bankable feasibility study for the project.
The approval gives Centaurus permission to operate at a production rate of 3mtpa of final saleable product from Jambreiro, although the company initially intends to start operations at a production rate of 2mtpa.
The company will now focus on lodging an application for an installation licence by the end of the month.
"Once the LI is approved, the company will have all of the environmental approvals required to commence the on-site construction of the Jambreiro processing plant," Centaurus said.
Centaurus managing director Darren Gordon said the company was now looking forward to delivering the results of its bankable feasibility study and moving ahead with the financing and development process in accordance with the company's previously announced development timetable.
The company plans to sell its product into Brazil's domestic market.
Shares in the company were up half a cent, or 1.43 per cent, to 35.5 cents shortly before the close of trade.